U.S. · Iran · U.S. Treasury · European Union · The Block
A Thursday release from the Treasury described BitBank as a "priority digital asset venture" controlled by Zanjani
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◎ Multiple-sources
Between June and July, Zanjani used BitBank to move hundreds of millions of dollars to the IRGC in the form of bitcoin (BTC).
Key facts
- The latest action falls under a continuation of Economic Fury called "Operation Economic Outcast," a broader campaign launched on Aug. 24
- At the time, Iran said it was targeting more than $10 billion in revenue for the platform
- The Office of Foreign Assets Control, commonly known as OFAC, also designated BitBank's software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Iranian financier Babak
- In June, OFAC sanctioned Nobitex, Iran’s largest crypto exchange, along with Wallex, Bitpin and Ramzinex under the administration’s earlier "Economic Fury" campaign
Summary
The U.S. Treasury Department sanctioned Iranian crypto exchange BitBank on Thursday, alleging it facilitated the transfer of hundreds of millions of dollars in bitcoin to the Islamic Revolutionary Guard Corps. The IRGC is an organization designated as a terrorist group by the U.S., European Union, and several other governments. The Office of Foreign Assets Control, commonly known as OFAC, also designated BitBank's software developer, Pishtaz Simorgh Electronic Trade Company, and three associates of Iranian financier Babak Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari. A Thursday release from the Treasury described BitBank as a "priority digital asset venture" controlled by Zanjani, who was previously sanctioned by OFAC over an alleged network of companies that helped launder money and evade sanctions on Iran.