U.S. Treasury Sanctions Iranian Crypto Exchange BitBank
- The U.S. Treasury has sanctioned the Iranian digital asset exchange BitBank.
- BitBank is linked to a sanctions-evasion network associated with financier Babak Zanjani.
- The platform allegedly helped move hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC).
- Treasury also sanctioned the developer Pishtaz Simorgh Electronic Trade Company and individuals connected to Zanjani’s network.
This action is part of a broader U.S. campaign against Iran-linked financial infrastructure, emphasizing the importance of compliance in the crypto industry. The Office of Foreign Assets Control (OFAC) aims to prevent sanctioned actors from using digital assets to bypass traditional banking systems.
The designation of BitBank and its associated entities underscores the U.S.’s increasing focus on treating crypto infrastructure similarly to banks in terms of sanctions enforcement, highlighting the need for rigorous compliance measures within the industry.
