The U.S. Treasury Department on September 17 sanctioned Iranian cryptocurrency exchange BitBank, alleging it facilitated transfers of hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps between June and July 2026. The Office of Foreign Assets Control also designated BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, and three associates of financier Babak Zanjani, placing them under Executive Order 13902.
The action blocks property and interests in property of designated persons that are in the United States or under the control of U.S. persons, subject to applicable regulations.
BitBank, developer and Zanjani associates designated
Treasury said BitBank, Pishtaz Simorgh Electronic Trade Company and the three Zanjani associates were designated under EO 13902, which authorizes sanctions tied to specified sectors of Iran’s economy.
The sanctions action identified BitBank as an Iranian exchange. The Block reported that the platform was Zanjani-controlled and that the designations covered its software developer as well as three of his associates.
Treasury alleges Bitcoin transfers to the IRGC
Treasury alleged that BitBank facilitated the transfer of hundreds of millions of dollars in Bitcoin to the IRGC during June and July. The department did not provide a more precise dollar figure in its announcement.
Although central to the designation, the allegation is an assertion by the U.S. government, not a public accounting of individual transactions.
Hormuz Safe Marine Services’ reported use of BitBank
Treasury also said the previously sanctioned Hormuz Safe Marine Services Authority had used BitBank since June 2026 to transfer payments to the Iranian regime. The announcement did not specify the value of those payments.
