TLDR
- The US Treasury sanctioned Iranian crypto exchange BitBank for allegedly moving hundreds of millions in Bitcoin to the IRGC
- BitBank was used by the Hormuz Safe platform to transfer payments from ships transiting the Strait of Hormuz
- Iranian financier Babak Zanjani and three associates were also designated by OFAC
- BitBank’s software developer, Pishtaz Simorgh Electronic Trade Company, was included in the sanctions
- This is part of a broader US campaign called “Operation Economic Outcast” targeting Iranian crypto infrastructure
The US Treasury Department sanctioned Iranian crypto exchange BitBank on Thursday, accusing it of helping move hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps.
🇺🇸 JUST IN: The US Treasury has sanctioned Iranian crypto exchange BitBank for transferring hundreds of MILLIONS in Bitcoin to the IRGC.
BitBank processed payments for Iran's Hormuz Safe Marine Services Authority, the scheme behind the tanker crisis in the Strait of Hormuz.
The… pic.twitter.com/S1j5ml4Q5R
— Coin Bureau (@coinbureau) September 17, 2026
The Office of Foreign Assets Control named BitBank as a key part of Iran’s digital asset sanctions evasion network. BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, was also designated, along with three associates of Iranian financier Babak Zanjani.
Zanjani had already been sanctioned by OFAC for running a network alleged to launder money and help Iran dodge international restrictions.
How the Bitcoin Transfers Allegedly Worked
Between June and July, Zanjani reportedly used BitBank to send hundreds of millions of dollars in Bitcoin to the IRGC. The Hormuz Safe Marine Services Authority, a platform linked to the IRGC, used BitBank to process those transfers starting in June.
Hormuz Safe operates a scheme that forces ships passing through the Strait of Hormuz to buy maritime insurance, including protection against seizure by Iran. Bitcoin was the currency used to settle those payments.
Iran reportedly targeted more than $10 billion in revenue from the platform after it was first reported by Iranian media in May, a few months after US-Iran tensions escalated.
Treasury Secretary Scott Bessent said clearly: “If you support the Iranian regime, the Department of the Treasury will sanction you.”
The IRGC is designated as a terrorist organization by the United States, the European Union, and several other governments.
Part of a Larger US Crackdown
Thursday’s action is not an isolated move. It falls under “Operation Economic Outcast,” a campaign launched on August 24 that builds on an earlier effort called “Economic Fury.”
In June, OFAC sanctioned Nobitex, Iran’s largest crypto exchange, alongside Wallex, Bitpin, and Ramzinex. Treasury said Nobitex processed more than half of Iran’s digital asset inflows in 2025.
In August, two more exchanges were hit: Shelbit and Aban Tether, both accused of helping the Iranian regime evade sanctions.
In July, the US government ordered the freezing of more than $130 million in USDT held in wallets tied to Iran.
BitBank was established in 2024 according to Treasury records. It is a separate company from bitbank, inc., a licensed Japanese exchange founded in 2014 and acquired by SBI Holdings in June.
OFAC has not yet responded publicly to requests for further comment on the latest designations.
