US Sanctions Iranian Crypto Exchange BitBank Over IRGC Bitcoin Transfers

The U.S. Treasury Department imposed sanctions on the Iranian cryptocurrency exchange BitBank and associated entities on September 17, 2026, accusing the platform of facilitating hundreds of millions of dollars in Bitcoin transfers to Iran's Islamic Revolutionary Guard Corps. The action, part of a broader campaign called Operation Economic Outcast, targets the digital asset infrastructure allegedly used to finance the Iranian regime. Treasury officials stated that BitBank is controlled by Babak Zanjani, a previously sanctioned Iranian financier. Between June and July 2026, Zanjani allegedly used the exchange to move Bitcoin to the IRGC. The sanctions also designate BitBank's software developer, Pishtaz Simorgh Electronic Trade Company, and three individuals identified as associates of Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. The designations place BitBank and the related parties on the Office of Foreign Assets Control's Specially Designated Nationals list. U.S. persons are generally prohibited from transacting with them without authorization. Treasury also warned that non-U.S.