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BitBank sanctioned by US for alleged IRGC Bitcoin transfers
The United States Treasury Department has sanctioned the Iranian cryptocurrency exchange BitBank, alleging it was used to facilitate the transfer of hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) between June and July. The action is part of Operation Economic Outcast, a broader economic campaign targeting Iranian financial networks and sanctions evasion.
Treasury officials identified BitBank as being controlled by Babak Zanjani, a previously sanctioned Iranian financier. Alongside the exchange, the U.S. designated its software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.
The sanctions also implicate the Hormuz Safe Marine Services Authority, which allegedly used BitBank to transfer payments received from vessel transits through the Strait of Hormuz to the Iranian government. Treasury Secretary Scott Bessent stated that these designations demonstrate that efforts to finance the Iranian regime through digital assets remain within the reach of the Office of Foreign Assets Control (OFAC).
Entities
Babak Zanjani · Golden Global Yatirim Bankasi · Islamic Revolutionary Guard Corps · Pishtaz Simorgh Electronic Trade Company · Scott Bessent · TMSF · U.S. Department of the Treasury · US Treasury Department · United States Treasury · bitbank
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 9 SOURCES] Pishtaz Simorgh Electronic Trade Company, the developer of BitBank, was also sanctioned. www.spacemoney.com.br · www.cryptopolitan.com · investinglive.com · www.al-monitor.com · bhaskarlive.in · +3 more
- [● 7 SOURCES] The sanctions are part of a broader initiative called Operation Economic Outcast. www.cryptopolitan.com · investinglive.com · www.al-monitor.com · bhaskarlive.in · crypto.news · +2 more
- [● 8 SOURCES] The Hormuz Safe Marine Services Authority used BitBank to transfer payments received from vessel transits through the Strait of Hormuz to the IRGC. www.spacemoney.com.br · investinglive.com · www.al-monitor.com · bhaskarlive.in · crypto.news · +3 more
- [● 10 SOURCES] BitBank was used to transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC). www.spacemoney.com.br · www.diarioestrategia.cl · www.cryptopolitan.com · investinglive.com · www.al-monitor.com · +5 more
- [● 10 SOURCES] BitBank is controlled by the previously sanctioned Iranian financier Babak Zanjani. www.spacemoney.com.br · www.diarioestrategia.cl · www.cryptopolitan.com · investinglive.com · www.al-monitor.com · +5 more
- [● 10 SOURCES] The US Treasury Department sanctioned the Iranian cryptocurrency exchange BitBank. www.spacemoney.com.br · www.diarioestrategia.cl · www.cryptopolitan.com · investinglive.com · www.al-monitor.com · +5 more