Treasury Sanctions BitBank Over Iranian Crypto Sanctions-Evasion Network
Summary
The U.S. Treasury sanctioned BitBank, an Iranian digital asset exchange, as part of a sanctions-evasion network tied to financier Babak Zanjani. Treasury also designated BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, and several linked individuals. OFAC alleges Zanjani used BitBank in June and July to move hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps. These are government allegations, not a criminal conviction. The action shows U.S. enforcement is increasingly treating crypto platforms and related software firms like other financial infrastructure when they are believed to help sanctioned actors move money outside the traditional banking system.
