The US Treasury has sanctioned Iranian cryptocurrency exchange BitBank, controlled by financier Babak Zanjani, who was already under US sanctions. According to OFAC, BitBank transferred hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC) between June and July, as well as payments for the Hormuz Safe Marine Services Authority. The sanctions also target the development company Pishtaz Simorgh Electronic Trade Company and three executives linked to Zanjani. This action falls under Executive Order 13902 and Operation Economic Outcast, aimed at restricting Iran’s access to international financial channels. In June, the US had already sanctioned Nobitex, Wallex, Bitpin, and Ramzinex.
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