US imposes sanctions on crypto exchange: "Transferred hundreds of millions of dollars to the Revolutionary Guards"

The US Treasury Department announced sanctions against the Iranian cryptocurrency exchange BitBank, its developers, and senior officials linked to it, as part of Operation "Economic Outcast." According to the Treasury, the exchange is controlled by Babak Zanjani, who is already under sanctions, and was used to transfer Bitcoin worth hundreds of millions of dollars to the Revolutionary Guards between June and July this year.

The US Treasury Department announced today (Thursday) the imposition of sanctions against the Iranian digital asset exchange BitBank, its developers, and senior officials linked to it. The move is part of "Operation Economic Outcast" against the Iranian regime. According to the Treasury, BitBank is controlled by Iranian financier Babak Zanjani, who is already under US sanctions, and served as part of an Iranian infrastructure for sanctions evasion using digital assets. The department claims that between June and July this year, the exchange was used to transfer Bitcoin worth hundreds of millions of dollars to the Revolutionary Guards. Alongside BitBank, sanctions were also imposed on Pishtaz Simorgh Electronic Trade, which developed the exchange software, and on three associates of Zanjani. Treasury Secretary Scott Bessent said the sanctions make clear that attempts to finance the Iranian regime through cryptocurrencies are not beyond the reach of the US.

US imposes sanctions on crypto exchange: "Transferred hundreds of millions of dollars to the Revolutionary Guards"