U.S. Imposes Sanctions on Iranian Crypto Exchange BitBank Over IRGC Funding
The U.S. Treasury imposed sanctions on Iran's BitBank exchange, its software developer, and associates for allegedly laundering hundreds of millions in Bitcoin for the IRGC.
The U.S. Department of the Treasury announced sanctions against the Iranian digital asset exchange BitBank, its developers, and key executives as part of "Operation Economic Outcast" targeting the Iranian regime.
According to the Treasury, BitBank is controlled by sanctioned Iranian financier Babak Zanjani and served as part of an Iranian infrastructure for evading sanctions using digital assets. The ministry states that between June and July of this year, the exchange was used to transfer hundreds of millions of dollars worth of Bitcoin to the Islamic Revolutionary Guard Corps.
Alongside BitBank, sanctions were also imposed on Pishtaz Simorgh Electronic Trade, the company that developed the exchange's software, and three individuals close to Zanjani.
U.S. Treasury Secretary Scott Bessent stated that the sanctions make it clear that attempts to finance the Iranian regime using cryptocurrencies are not beyond the reach of the United States. He emphasized that those who support the Iranian regime will face Treasury sanctions.
