US Treasury Sanctions Iranian Crypto Exchange BitBank

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned the Iranian cryptocurrency exchange BitBank, alleging it is part of a financial network controlled by Babak Zanjani. The agency claims BitBank facilitated payments for sanctioned entities and moved hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) between June and July. The sanctions also target the exchange’s developer, Pishtaz Simorgh Electronic Trade Company, and three executives linked to Zanjani. This action, taken under Executive Order 13902, aims to disrupt Iran's ability to use digital assets to evade US restrictions.