The U.S. Treasury Department has placed Iranian cryptocurrency exchange BitBank on its sanctions list, saying the platform was controlled by already sanctioned Iranian financier Babak Zanjani. Treasury said BitBank was used to pay fees tied to the safe passage of ships through the Strait of Hormuz and to move hundreds of millions of dollars to the Islamic Revolutionary Guard Corps, or IRGC. The move was described as part of Washington’s "Operation Economic Outcast," a program aimed at disrupting Iran’s sanctions-evasion network built around digital assets. The action adds BitBank to a broader U.S. effort targeting crypto-related channels that authorities say have been used to facilitate restricted financial activity.
Odaily reported that the U.S. Treasury Department has added Iranian cryptocurrency exchange BitBank to its sanctions list.
Treasury said BitBank was controlled by Babak Zanjani, an Iranian financier who has already been sanctioned. According to the department, the exchange was used to pay fees for the safe passage of ships through the Strait of Hormuz and to transfer hundreds of millions of dollars to the Islamic Revolutionary Guard Corps, or IRGC.
The action is part of the U.S. program called "Operation Economic Outcast," which targets Iran’s sanctions-evasion network based on digital assets.
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