The U.S. Treasury Department has sanctioned the Iranian cryptocurrency exchange BitBank and associated entities, accusing the platform of facilitating the transfer of hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps (IRGC), a group designated as a terrorist entity by the U.S. and others.
The sanctions, announced on Thursday, target BitBank and its software developer, Pishtaz Simorgh Electronic Trade Company, alongside several individuals linked to Babak Zanjani, an Iranian financier previously sanctioned by the Office of Foreign Assets Control (OFAC) for money laundering. The Treasury alleges that BitBank enabled the IRGC to receive cryptocurrency transfers between June and July, though exact financial details remain unspecified.
Hormuz Safe Marine Services Authority, an entity linked to a bitcoin-settled platform promoting maritime coverage on the Strait of Hormuz, is also named in the sanctions. Iranian media reportedly highlighted the platform’s aim to generate over $10 billion in revenue, though this claim has not been independently verified.
Treasury Secretary Scott Bessent said the move underscores the U.S. commitment to disrupting financial networks supporting the Iranian regime. “If you support the Iranian regime, the Department of the Treasury will sanction you,” he stated. The action follows a broader campaign targeting Iranian crypto exchanges, including Nobitex, which the Treasury claims processed more than half of Iran’s digital asset inflows in 2025.
The sanctions add to existing U.S. efforts to curb cryptocurrency use in financing Iran’s activities, with multiple exchanges previously designated under the “Economic Fury” campaign. However, uncertainties remain regarding the full scope of BitBank’s transactions and the mechanisms through which funds were directed to the IRGC.
Written by James Tobias
Bitcoin Desk
