U.S. Treasury Sanctions BitBank Over Iranian Sanctions-Evasion Network

The U.S. Treasury has sanctioned Iranian digital asset exchange BitBank as part of a sanctions-evasion network linked to financier Babak Zanjani. The Office of Foreign Assets Control (OFAC) designated BitBank, along with its developer Pishtaz Simorgh Electronic Trade Company and several individuals associated with Zanjani's business network. Treasury alleges that BitBank facilitated the movement of hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps between June and July. This action is part of a broader campaign against Iran-linked financial infrastructure, targeting banks, exchanges, and digital asset businesses that help sanctioned actors move money outside conventional banking channels. The sanctions against BitBank indicate a shift in U.S. enforcement, treating crypto infrastructure similarly to traditional financial institutions when used to circumvent sanctions. Following the designation, U.S. persons are prohibited from dealing with BitBank, prompting compliance systems worldwide to screen connected entities and addresses. This highlights the increasing expectation for crypto businesses to incorporate digital asset sanctions risk into their compliance measures.

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