Odaily Planet Daily reports: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against Tehran-based cryptocurrency exchange BitBank, alleging that the platform transferred hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC). OFAC stated that BitBank is controlled by Iranian financier Babak Zanjani, who was designated in January and used the platform to facilitate transfers between June and July, pursuant to Executive Order 13902. The sanctions also extend to three executives of Pishtaz Simorgh, BitBank’s software developer, and its parent company Dot One. U.S. Treasury Secretary Bentsen emphasized that using cryptocurrency to finance the Iranian regime falls squarely within OFAC’s jurisdiction. OFAC further noted that the Tehran-based entity Hormuz Safe, which sells security clearances for passage through the Strait of Hormuz, has been transferring its proceeds through BitBank since June and was itself sanctioned in July. OFAC did not disclose any associated wallet addresses.
U.S. Treasury Sanctions Iranian Exchange BitBank for Transferring Millions in Bitcoin to the IRGC
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Summary
The U.S. Treasury’s CFT efforts expanded as OFAC sanctioned the Iranian exchange BitBank for transferring millions in Bitcoin to the IRGC. Controlled by Babak Zanjani, the platform operated under Executive Order 13902. Sanctions also target BitBank’s developer, Pishtaz Simorgh, and three executives at Dot One. MiCA regulations may further complicate cross-border crypto compliance. Hormuz Safe, already sanctioned, used BitBank to move funds since June. OFAC did not release wallet addresses.
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