US Treasury Sanctions Iranian Exchange BitBank Over Bitcoin Transfers to IRGC
OFAC sanctioned Iranian crypto exchange BitBank and associates, alleging it moved hundreds of millions of dollars in Bitcoin to Iran's IRGC.
Why it matters
The sanctions extend US enforcement into the technical infrastructure behind Iranian crypto flows, creating secondary sanctions exposure for foreign exchanges or banks that process BitBank-linked transactions.
Key facts
OFAC designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast.
Reported by Bitcoin Magazine
Treasury alleges Babak Zanjani used BitBank between June and July to move hundreds of millions of dollars in Bitcoin to the IRGC.
Reported by Cointelegraph
Hormuz Safe Marine Services Authority has used BitBank since June to transfer payments it received to the IRGC.
Reported by Bitcoin Magazine
OFAC did not publish Bitcoin wallet addresses associated with the sanctioned entities.
Reported by CoinDesk
The sanctions also designated Pishtaz Simorgh Electronic Trade Company and three individuals: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.
Reported by Bitcoin Magazine
Hormuz Safe has charged tankers between $1 million and $2 million for 'safe passage' through the Strait of Hormuz.
Reported by CoinDesk
BitBank was designated under Executive Order 13902, which covers Iran's digital-asset sector.
Reported by Crypto.News
BitBank, a Tehran exchange, was set up in 2024.
Reported by CoinDesk
What happened
The US Treasury's Office of Foreign Assets Control sanctioned Iranian crypto exchange BitBank on September 17, along with its software developer Pishtaz Simorgh Electronic Trade Company and three individuals linked to Iranian financier Babak Zanjani, as part of Operation Economic Outcast. Treasury alleges Zanjani used BitBank between June and July to move hundreds of millions of dollars in Bitcoin to Iran's Islamic Revolutionary Guard Corps, and that the Hormuz Safe Marine Services Authority used BitBank since June to funnel payments collected from ships transiting the Strait of Hormuz to the Iranian government. CoinDesk reported Hormuz Safe has charged tankers between $1 million and $2 million for 'safe passage' through the strait. Treasury Secretary Scott Bessent said efforts to finance the Iranian regime with cryptocurrency are 'not beyond OFAC's reach.' Multiple outlets, including Crypto.News and Crypto News Flash, noted that OFAC did not publish specific Bitcoin wallet addresses, transaction hashes or a precise dollar total, leaving the 'hundreds of millions' figure as a Treasury allegation rather than a documented sum.
How the story developed
- First report
First report by Bitcoin Magazine
Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC
- Update
Treasury announces BitBank sanctions
OFAC designated BitBank, its developer and three Zanjani associates on September 17 as part of Operation Economic Outcast.
- Independent corroboration
Independently corroborated by Cointelegraph
US sanctions Iran’s BitBank, saying it processes ‘Hormuz Safe’ Bitcoin payments
- Update
Outlets report Treasury withheld transaction details
Crypto.News and Crypto News Flash noted OFAC gave no wallet addresses, transaction hashes or precise dollar total behind the 'hundreds of millions' figure.
- Update
CoinDesk details Strait of Hormuz toll scheme
CoinDesk reported Hormuz Safe charged tankers $1 million to $2 million for passage, with proceeds partly moved through BitBank since June.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 17 Sept 2026, 21:48 UTC: Bitcoin Magazine — 1 independent source, 1 reports
- 18 Sept 2026, 01:33 UTC: Cointelegraph — 2 independent sources, 2 reports
- 18 Sept 2026, 03:36 UTC: Crypto.News — 3 independent sources, 3 reports
- 18 Sept 2026, 06:52 UTC: CoinDesk — 4 independent sources, 4 reports
- 18 Sept 2026, 10:18 UTC: Unchained — 5 independent sources, 5 reports
- 18 Sept 2026, 10:30 UTC: Crypto News Flash — 6 independent sources, 6 reports
- 18 Sept 2026, 16:40 UTC: CryptoSlate — 7 independent sources, 7 reports
- 19 Sept 2026, 18:15 UTC: NewsBTC — 8 independent sources, 8 reports
Affected entities
Also mentioned: Donald Trump, TRON, United Arab Emirates, Binance, Chainlink
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin Magazine Crypto media | Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC | Original | |
| CoinDesk Crypto media | Iran’s Strait of Hormuz toll booth ran through a bitcoin exchange, U.S. says | Independent | |
| Unchained Crypto media | US Sanctions Iranian Exchange BitBank Over Bitcoin Transfers to the IRGC and Hormuz Passage Fees | Independent | |
| Cointelegraph Crypto media | US sanctions Iran’s BitBank, saying it processes ‘Hormuz Safe’ Bitcoin payments | Independent | |
| CryptoSlate Crypto media | US sanctions Iranian crypto exchange and its software developer over alleged IRGC Bitcoin transfers | Independent | |
| Crypto.News Crypto media | BitBank faces U.S. sanctions over alleged IRGC Bitcoin transfers | Independent | |
| NewsBTC Crypto media | Treasury Sanctions BitBank Over Iranian Crypto Sanctions-Evasion Network | Independent | |
| Crypto News Flash Crypto media | US Blacklists Iranian BitBank Exchange: Key Compliance Takeaways | Independent |
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