The US Treasury Department has sanctioned cryptocurrency exchange BitBank as part of a wider crackdown on Iran’s financial networks.

The Office of Foreign Assets Control (OFAC) said BitBank is controlled by Iranian financier Babak Zanjani, who is already under US sanctions. The agency accused the exchange of helping move funds linked to Iran.

BitBank Targeted

According to OFAC, BitBank was used to transfer payments received by the Hormuz Safe Marine Services Authority, an entity already designated by the US. The agency said the transfers began in June. Treasury officials also alleged that BitBank was involved in moving hundreds of millions of dollars worth of Bitcoin to Iran’s Islamic Revolutionary Guard Corps, or IRGC, between June and July.

The action also targets BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, along with three executives linked to Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. OFAC described the group as part of Zanjani’s digital asset network.

The sanctions were imposed under Executive Order 13902, which gives the US government powers to target parts of Iran’s economy, including its digital asset sector. Treasury plans to use those powers to pursue crypto platforms and other businesses that help the West Asian country evade US restrictions.

BitBank has been operating as an Iranian digital asset exchange since at least 2024. According to OFAC, Zanjani promoted the exchange through his social media accounts. BitBank was also listed as a partner by other companies connected to his business network, the agency claimed.

Zanjani has faced legal action in Iran in the past. He was sentenced to death in 2016 over the embezzlement of millions of dollars from the state-owned National Iranian Oil Company. His sentence was later commuted in 2024. US officials now assert that he has rebuilt a network of businesses that includes digital asset companies.

The latest measures come under the Operation Economic Outcast. The Treasury launched the campaign in August 2026 as part of efforts to restrict Iran’s access to international financial channels.

Secretary of the Treasury Scott Bessent stated,

“If you support the Iranian regime, the Department of the Treasury will sanction you.”

Iranian Crypto Sector Faces Pressure

Back in June, the US sanctioned Nobitex, Wallex, Bitpin, and Ramzinex. Nobitex drew particular attention. Treasury said it handled more than half of Iran’s crypto inflows in 2025. Officials also alleged that the exchange helped move stablecoins and supported access to overseas crypto platforms.

Nobitex co-founder and former CEO Amir Hossein Rad was also targeted.

Source: CryptoPotato