U.S. Treasury Sanctions Iran-Based Crypto Exchange BitBank Over Alleged Bitcoin Transfers to IRGC
AI Market Summary
OFAC sanctioned Tehran-based exchange BitBank and related entities for allegedly transferring hundreds of millions of dollars in BTC to Iran's IRGC, reinforcing U.S. enforcement against crypto-linked sanctions evasion. The action raises compliance and counterparty-risk sensitivity for centralized venues and liquidity routes tied to high-risk jurisdictions. While no wallet addresses were disclosed, the headline increases near-term regulatory overhang for bitcoin rails used in cross-border transfers.
Impact level
● Medium
Affected assets
BTC/USDT-0.33%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Odaily Planet Daily reports that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on Tehran-based cryptocurrency exchange BitBank, accusing the platform of transferring hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps (IRGC).
According to OFAC, BitBank is controlled by Iranian financier Babak Zanjani, who was designated in January. OFAC said the exchange was used to facilitate transfers between June and July under Executive Order 13902.
The measures also target three executives at Pishtaz Simorgh, the software developer for BitBank, as well as its parent company Dot One. U.S. Treasury Secretary Bentsen said the use of cryptocurrency to finance the Iranian regime is within OFAC's enforcement remit.
OFAC added that a Tehran-based entity, Hormuz Safe—which sells security clearances for passage through the Strait of Hormuz—has routed proceeds through BitBank since June and was itself sanctioned in July. OFAC did not publish any related wallet addresses.
