The US Treasury Department has sanctioned cryptocurrency exchange BitBank and its developer as part of an expanded crackdown on Iran's financial networks.
The Office of Foreign Assets Control (OFAC) designated BitBank, which it said is controlled by Iranian financier Babak Zanjani, who is already under US sanctions. The agency accused the exchange of facilitating fund transfers linked to Iran.
Alleged Fund Transfers
According to OFAC, BitBank transferred payments received by the Hormuz Safe Marine Services Authority, an entity already designated by the US. The agency said these transfers began in June.
Treasury officials also alleged that BitBank moved hundreds of millions of dollars worth of Bitcoin to Iran's Islamic Revolutionary Guard Corps between June and July.
Scope of Sanctions
The sanctions target BitBank's developer, Pishtaz Simorgh Electronic Trade Company, and three executives: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. OFAC described them as part of Zanjani's digital asset network.
The sanctions were imposed under Executive Order 13902, which authorizes the US government to target sectors of Iran's economy, including its digital asset sector.
Background on BitBank and Zanjani
BitBank has operated as an Iranian digital asset exchange since at least 2024, according to OFAC. The agency said Zanjani promoted the exchange through his social media accounts.
Zanjani was sentenced to death in Iran in 2016 for embezzlement from the National Iranian Oil Company. His sentence was commuted in 2024. US officials assert he has since rebuilt a network of digital asset businesses.
Broader Campaign
The latest action is part of Operation Economic Outcast, a Treasury campaign launched in August 2026 to restrict Iran's access to international financial channels.
In June, the US sanctioned four other Iranian crypto exchanges: Nobitex, Wallex, Bitpin, and Ramzinex. Treasury said Nobitex handled more than half of Iran's crypto inflows in 2025 and helped move stablecoins and support access to overseas crypto platforms. Nobitex co-founder and former CEO Amir Hossein Rad was also targeted.
