U.S. Treasury Sanctions BitBank Over Iranian Sanctions-Evasion Network

The U.S. Treasury Department has sanctioned the Iranian digital asset exchange BitBank, alleging it facilitated the movement of hundreds of millions of dollars in Bitcoin for the Islamic Revolutionary Guard Corps. The Office of Foreign Assets Control (OFAC) also sanctioned the exchange's developer, Pishtaz Simorgh Electronic Trade Company, and several individuals linked to financier Babak Zanjani. This action reflects an increasing focus on crypto infrastructure as a target for sanctions enforcement.