U.S. Treasury · Iran · Bitcoin · Donald Trump · Scott Bessent · Bitcoin Magazine
Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC
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The U.S. is targeting Iran's use of crypto, specifically bitcoin.
Key facts
- In a Thursday statement, the U.S. Department of the Treasury designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast, the Trump Administration’s whole-of-government
- The sanctions target designated Iranian financier Babak Zanjani, along with its software developer, Pishtaz Simorgh Electronic Trade Company, and three of Zanjani’s associates: Hossein Ali Zaker
- Since June, the Iranian Hormuz Safe Marine Services Authority has used BitBank to move bitcoin to the Iranian regime, according to the Treasury
- Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC’s reach,” Secretary
Summary
The U.S. is continuing to target Iran’s use of bitcoin. In a Thursday statement, the U.S. Department of the Treasury designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast, the Trump Administration’s whole-of-government economic campaign against the Islamic Republic of Iran and its enablers. The U.S. has sanctioned Iran for decades. “Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC’s reach,” Secretary of the Treasury Scott Bessent said in a statement.