US Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC

The United States Department of the Treasury has sanctioned Iranian cryptocurrency exchange BitBank for allegedly facilitating the transfer of hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC).

The action was announced on September 17, 2026, by the Office of Foreign Assets Control (OFAC) as part of Operation Economic Outcast, a broader US campaign aimed at disrupting Iran's financial networks.

According to the Treasury, BitBank is controlled by Iranian financier Babak Zanjani and was used between June and July 2026 to move hundreds of millions of dollars worth of Bitcoin to the IRGC.

The sanctions also target BitBank's software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Zanjani — Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.

The Treasury Department said BitBank served as a key component of Iran's digital assets-based sanctions evasion infrastructure. The exchange was also used to process payments collected through Iran's Strait of Hormuz maritime system, known as the Hormuz Safe Marine Services Authority.

The designation was made under Executive Order 13902, which gives the Treasury authority to target Iran's digital asset sector.

The IRGC is designated as a terrorist organization by the United States, European Union, and several other governments.

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