The US Treasury Department has officially sanctioned the Iranian cryptocurrency exchange BitBank. According to the Office of Foreign Assets Control (OFAC), the platform facilitated the transfer of hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) between June and July.
The sanctions also target the software developer of BitBank, Pishtaz Simorgh Electronic Trade Company, which is a subsidiary of the Dot One Value Creation Group. Three executives associated with these entities, including Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari, have been added to the sanctions list.
US Treasury Secretary Scott Bessent stated that these measures serve as a warning against financing the Iranian regime through digital assets. The department has previously blacklisted other exchanges, such as Shelbit and Aban Tether, in August, and recently declared the entire Iranian digital asset sector sanctionable.
