The U.S. Department of the Treasury sanctioned an Iranian crypto exchange on Thursday, accusing BitBank, its software developer and three men linked to Iranian financier Babak Zanjani of facilitating transfers of hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps, a U.S.-designated terrorist group, this summer.
“Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond the Office of Foreign Assets Control’s reach,” stated Scott Bessent, U.S. treasury secretary.
The department said that BitBank is a “priority digital asset venture” under the control of Zanjani, whom it previously sanctioned. It accused him of running a network of companies that launder money and help Iran evade sanctions.
Hormuz Safe Marine Services Authority, a platform that the regime promoted as an insurance provider for ships transiting the Strait of Hormuz during the current war, also used BitBank to send payments to Tehran since June, the Treasury Department alleged.
The Trump administration has been targeting crypto platforms as part of its sanctions measures, both in “Operation Economic Fury” and “Operation Economic Outcast.”
“The United States calls on all nations and the private sector, particularly those operating in the digital assets space, to exercise vigilance and ensure their platforms are not exploited by the Iranian regime or its facilitators,” stated Tommy Pigott, State Department spokesman.
