US Sanctions Iranian Crypto Exchange Moving Millions to IRGC — SkimNews
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- U.S. Treasury sanctioned BitBank and affiliated entities under Operation Economic Outcast, designating them as key components of Iran’s digital asset sanctions evasion network.
- BitBank processed hundreds of millions of dollars in Bitcoin between June and July for the Hormuz Safe Marine Services Authority, routing payments to the IRGC, according to Treasury.
- Babak Zanjani, the financier controlling BitBank, has promoted the exchange on social media since at least 2024 and was previously designated by OFAC in January.
- Pishtaz Simorgh Electronic Trade Company, along with three Dot One Value Creation Group executives, was sanctioned for building BitBank’s software and facilitating digital asset transactions linked to the IRGC.
- Hormuz Safe Marine Services Authority has directed Bitcoin toll payments from ships transiting the strait through BitBank since June, a scheme first designated by Treasury in July.
Why it matters: The move cuts off a newly exposed revenue pipeline that moved hundreds of millions in crypto to the IRGC within two months, increasing pressure on Iran-linked actors who now risk secondary sanctions even if operating outside traditional finance. This marks one of the fastest takedowns of a live crypto-based sanctions evasion scheme.
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