The US Treasury Division has sanctioned cryptocurrency trade BitBank as a part of a wider crackdown on Iran’s monetary networks.
The Workplace of International Property Management (OFAC) mentioned BitBank is managed by Iranian financier Babak Zanjani, who’s already below US sanctions. The company accused the trade of serving to transfer funds linked to Iran.
BitBank Focused
In accordance with OFAC, BitBank was used to switch funds acquired by the Hormuz Secure Marine Providers Authority, an entity already designated by the US. The company mentioned the transfers started in June. Treasury officers additionally alleged that BitBank was concerned in transferring a whole lot of thousands and thousands of {dollars} value of Bitcoin to Iran’s Islamic Revolutionary Guard Corps, or IRGC, between June and July.
The motion additionally targets BitBank’s developer, Pishtaz Simorgh Digital Commerce Firm, together with three executives linked to Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari. OFAC described the group as a part of Zanjani’s digital asset community.
The sanctions had been imposed below Govt Order 13902, which provides the US authorities powers to focus on components of Iran’s economic system, together with its digital asset sector. Treasury plans to make use of these powers to pursue crypto platforms and different companies that assist the West Asian nation evade US restrictions.
BitBank has been working as an Iranian digital asset trade since not less than 2024. In accordance with OFAC, Zanjani promoted the trade by means of his social media accounts. BitBank was additionally listed as a companion by different corporations linked to his enterprise community, the company claimed.
Zanjani has confronted authorized motion in Iran prior to now. He was sentenced to loss of life in 2016 over the embezzlement of thousands and thousands of {dollars} from the state-owned Nationwide Iranian Oil Firm. His sentence was later commuted in 2024. US officers now assert that he has rebuilt a community of companies that features digital asset corporations.
The newest measures come below the Operation Financial Outcast. The Treasury launched the marketing campaign in August 2026 as a part of efforts to limit Iran’s entry to worldwide monetary channels.
Secretary of the Treasury Scott Bessent said,
“In the event you assist the Iranian regime, the Division of the Treasury will sanction you.”
Iranian Crypto Sector Faces Strain
Again in June, the US sanctioned Nobitex, Wallex, Bitpin, and Ramzinex. Nobitex drew explicit consideration. Treasury mentioned it dealt with greater than half of Iran’s crypto inflows in 2025. Officers additionally alleged that the trade helped transfer stablecoins and supported entry to abroad crypto platforms.
Nobitex co-founder and former CEO Amir Hossein Rad was additionally focused.
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