US Treasury Sanctions Iranian Crypto Exchange Tied to IRGC Bitcoin Flows for Hormuz Tolls
The U.S. Treasury’s OFAC designated BitBank, an Iranian crypto exchange controlled by Babak Zanjani, for moving hundreds of millions of dollars’ worth of Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) between June and July. The Hormuz Safe Marine Services Authority has been using BitBank to route payments collected from vessel tolls in Bitcoin to the Iranian regime since June, as part of Operation Economic Outcast. The designation also targets Pishtaz Simorgh Electronic Trade Company and three executives linked to BitBank, illustrating a broader crackdown on Iran’s digital assets-based sanctions evasion network.