The US Treasury Department has sanctioned cryptocurrency exchange BitBank as part of an expanded crackdown on Iran’s financial networks. The Office of Foreign Assets Control alleges BitBank is controlled by already-sanctioned Iranian financier Babak Zanjani and was used to transfer payments for a designated Iranian entity. The sanctions also target BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, and three executives linked to Zanjani. Treasury officials stated the exchange helped move hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps. The measures fall under Executive Order 13902 and the Operation Economic Outcast campaign launched in August 2026.
The US Treasury Department has expanded its Iran crackdown by targeting cryptocurrency exchange BitBank, its developer, and executives linked to financier Babak Zanjani.
The Office of Foreign Assets Control (OFAC) said BitBank is controlled by Zanjani, who is already under US sanctions. The agency accused the exchange of helping move funds linked to Iran.
According to OFAC, BitBank was used to transfer payments received by the Hormuz Safe Marine Services Authority, an entity already designated by the US. 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 between June and July.
The action also targets BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, along with three executives: 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. Treasury plans to use those powers to pursue crypto platforms that help Iran evade US restrictions.
BitBank has been operating as an Iranian digital asset exchange since at least 2024. OFAC said Zanjani promoted the exchange through his social media accounts and that BitBank was listed as a partner by other companies connected to his network.
Zanjani was sentenced to death in Iran in 2016 over embezzlement from the National Iranian Oil Company; his sentence was commuted in 2024. US officials now assert he has rebuilt a business network that includes digital asset companies.
The latest measures come under Operation Economic Outcast, launched in August 2026 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.”
In June, the US sanctioned exchanges Nobitex, Wallex, Bitpin, and Ramzinex. Treasury said Nobitex handled more than half of Iran’s crypto inflows in 2025 and helped move stablecoins and support access to overseas platforms. Nobitex co-founder Amir Hossein Rad was also targeted.
