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The U.S. Treasury Department sanctioned Iranian crypto exchange BitBank on Thursday, alleging it facilitated hundreds of millions of dollars in Bitcoin transfers to the Islamic Revolutionary Guard Corps between June and July. Treasury also designated BitBank’s software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Iranian financier Babak Zanjani.
Why it matters
The Office of Foreign Assets Control said BitBank was a “priority digital asset venture” controlled by Zanjani, who had previously been sanctioned over an alleged network of companies used to launder money and evade sanctions on Iran. Treasury also alleged that the Hormuz Safe Marine Services Authority used BitBank from June to transfer payments to the Iranian regime.
Hormuz Safe appears to be the formal entity behind a Bitcoin-settled platform promoted in Iranian media as insurance coverage for ships traveling through the Strait of Hormuz. Iran said the platform was targeting more than $10 billion in revenue, adding a commercial layer to the sanctions case.
Market impact
The designations put Iranian crypto infrastructure, its software providers and associated intermediaries under renewed U.S. enforcement pressure. Treasury Secretary Scott Bessent said the action showed that efforts to finance the Iranian regime through cryptocurrencies were not beyond OFAC’s reach.
The move follows OFAC sanctions against Nobitex, Wallex, Bitpin and Ramzinex in June, and against Shelbit and Aban Tether in August. Treasury said Nobitex handled more than half of Iran’s digital asset inflows in 2025 and facilitated transactions involving the IRGC and other sanctioned entities. The latest designations continue the administration’s Operation Economic Outcast campaign, launched on Aug. 24.
Frequently asked questions
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What did the U.S. Treasury allege BitBank did?
Treasury alleged that BitBank facilitated hundreds of millions of dollars in Bitcoin transfers to the IRGC between June and July.
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Which entities did OFAC designate alongside BitBank?
OFAC designated BitBank’s software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Babak Zanjani.
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How was the Hormuz Safe platform connected to the case?
Treasury alleged that the Hormuz Safe Marine Services Authority used BitBank to transfer payments to Iran’s regime. The authority appears linked to a Bitcoin-settled shipping coverage platform.
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What is Operation Economic Outcast?
Operation Economic Outcast is a broader U.S. campaign against Iranian entities and crypto platforms accused of helping Iran evade sanctions. It launched on Aug. 24.
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Which Iranian crypto exchanges were previously sanctioned?
OFAC previously sanctioned Nobitex, Wallex, Bitpin and Ramzinex in June, followed by Shelbit and Aban Tether in August.
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