U.S. Treasury Sanctions Iranian Exchange for Bitcoin Transfers
- The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned BitBank, an Iranian exchange controlled by financier Babak Zanjani.
- Zanjani allegedly used BitBank to transfer hundreds of millions in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) between June and July.
- The Hormuz Safe Marine Services Authority has routed payments through BitBank since June for transit rights through the Strait of Hormuz.
- Pishtaz Simorgh Electronic Trade Company, which developed BitBank’s software, and three executives have also been designated under Executive Order 13902.
These sanctions are part of Operation Economic Outcast, aimed at dismantling Iran’s digital assets-based sanctions evasion infrastructure. The action targets entities facilitating the regime’s economic activities via cryptocurrencies.
The U.S. Treasury has blocked assets belonging to those sanctioned and warned non-U.S. firms against engaging with them to avoid secondary sanctions risks (Source).
