US Imposes Sanctions on Iran's BitBank for Alleged IRGC Funding

Sep 17, 2026

69 min

Sep 17, 2026 23:30

US targets Iran’s crypto lifeline: BitBank sanctioned over alleged IRGC, Hormuz payments

## US Targets Iranian Crypto Exchange

The United States has imposed sanctions on the Iranian cryptocurrency exchange BitBank. The Treasury Department accuses the platform of transferring significant sums to Iran's Islamic Revolutionary Guard Corps (IRGC) and facilitating payments related to the Strait of Hormuz.

## Operation Economic Outcast

This action is part of "Operation Economic Outcast," a broader US initiative aimed at isolating Iran's financial and logistical networks. The US claims that Iran is increasingly using digital currencies to circumvent international sanctions.

## Key Figures and Entities

The Treasury's Office of Foreign Assets Control (OFAC) has designated BitBank and its developer, Pishtaz Simorgh Electronic Trade Company, as well as three associates of Iranian financier Babak Zanjani. Zanjani is already under US sanctions for allegedly helping Iran evade oil and financial restrictions.

## Implications of the Sanctions

The sanctions freeze any US-based assets of the designated entities and prohibit US citizens from engaging in transactions with them. Additionally, foreign institutions risk sanctions if they knowingly conduct significant business with these entities.

## Alleged Connections to IRGC and Hormuz

The US alleges that BitBank transferred digital assets to the IRGC and was used by Hormuz Safe, a previously sanctioned Iranian maritime platform, to process payments from vessels navigating the Strait of Hormuz. This strategic waterway remains a contentious point in US-Iran relations, with both nations asserting control over maritime activities.

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