U.S. Sanctions Target Iranian Crypto Exchange BitBank for Bitcoin Transfers
- The U.S. Treasury’s OFAC sanctioned bitcoin exchange BitBank and its developer for allegedly transferring hundreds of millions of dollars to the IRGC.
- These actions are part of Operation Economic Outcast, announced on August 24, targeting Iran’s financial infrastructure.
- Babak Zanjani, linked to BitBank, reportedly used the platform for transactions from June to July.
- OFAC also designated Pishtaz Simorgh Electronic Trade Company under Executive Order 13902.
- The sanctions could affect foreign companies that assist in evading restrictions through cryptocurrencies.
These sanctions emphasize the U.S. government’s commitment to targeting the use of cryptocurrencies in financing state-linked organizations like the IRGC. The crackdown included measures against over sixty entities involved in Iran’s digital-asset sector.
The recent actions against BitBank highlight a significant enforcement effort, particularly as it relates to Zanjani’s alleged network managing substantial transactions through various platforms.(Source)
