The U.S. Treasury Department sanctioned BitBank, an Iranian crypto exchange, for funneling hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps (IRGC) between June and July 2025. The platform, controlled by Iranian financier Babak Zanjani, served as an intermediary for the Hormuz Safe Marine Services Authority to route bitcoin payments collected from vessels crossing the strait. These sanctions fall under Operation Economic Outcast, aimed at severing Iran’s remaining economic lifelines with support from the EU, the UK and Gulf partners. Treasury also designated Pishtaz Simorgh Electronic Trade Company, which developed BitBank’s software, along with three of its executives, under Executive Order 13902 targeting Iran’s digital asset sector. The U.S. assets of all five designated entities are frozen, and foreign companies dealing with them risk secondary sanctions.
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