U.S. Treasury Sanctions Iranian Bitcoin Exchange BitBank

The U.S. Department of the Treasury has designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast, targeting Iran's use of bitcoin. This move is part of a broader economic campaign against the Islamic Republic and its supporters. The U.S. has imposed sanctions on Iran for decades, and this year, the country has increased its use of cryptocurrencies to evade economic penalties. Treasury Secretary Scott Bessent stated that efforts to finance the Iranian regime using cryptocurrencies are within the reach of the Office of Foreign Assets Control (OFAC). The sanctions also target Iranian financier Babak Zanjani, his software developer Pishtaz Simorgh Electronic Trade Company, and three associates. Since June, the Iranian Hormuz Safe Marine Services Authority has reportedly used BitBank to transfer bitcoin to the Iranian regime. The sanctions aim to disrupt the financial infrastructure Zanjani established for laundering funds. The Treasury will continue to target the Iranian digital asset ecosystem and international entities that facilitate it. Earlier this year, Iran launched a bitcoin-backed insurance service for its shipping companies. In July, the U.S. froze crypto assets linked to the Iranian regime, primarily in Tether's stablecoin, while noting that bitcoin, being decentralized, cannot be frozen.

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