U.S. Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC

Treasury said Zanjani used the platform between June and July 2026 to move hundreds of millions of dollars worth of Bitcoin to the IRGC, and that the exchange had been in use since at least 2024, with Zanjani promoting it on social media. CoinDesk and Decrypt reported that OFAC linked the exchange to payments collected from ships purchasing passage through the Strait of Hormuz, a key oil shipping route.

Treasury Secretary Scott Bessent said, according to BitKE, that the designations of Iranian digital asset infrastructure show that attempts to finance the Iranian regime using cryptocurrencies are not beyond OFAC's reach, adding that the department will sanction those who support the Iranian regime.

The action also named three Zanjani associates identified by Treasury as Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari, described as key components of the network.

The European Central Bank has introduced Pontes, a settlement system linking its payment infrastructure to blockchain-based markets, with full implementation targeted for 2028.