Washington, September 18, 2026 (Yes Punjab News)
The United States has sanctioned Iranian cryptocurrency exchange BitBank and its developer, alleging that the platform was used to facilitate the transfer of hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC).
The US Treasury Department’s Office of Foreign Assets Control (OFAC) announced the designations on Thursday under Operation Economic Outcast, the Trump administration’s campaign targeting Iran and networks accused of helping the Iranian regime evade sanctions.
The action also targeted BitBank’s developer, Pishtaz Simorgh Electronic Trade Company, and three individuals identified by Treasury as associates of Iranian financier Babak Zanjani — Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari.
“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,” Treasury Secretary Scott Bessent said.
According to Treasury, Zanjani used BitBank between June and July to facilitate transfers worth hundreds of millions of dollars in Bitcoin to the IRGC. The department also said the sanctioned Hormuz Safe Marine Services Authority had used BitBank since June to transfer payments it received to the Iranian regime.
Treasury said Zanjani had promoted BitBank on social media since at least 2024 and that several companies linked to his alleged sanctions-evasion network had listed the exchange as a partner.
Pishtaz Simorgh, which developed BitBank’s digital-asset software, is a subsidiary of the previously sanctioned Dot One Value Creation Group, according to Treasury. The US department designated both BitBank and Pishtaz Simorgh for operating in Iran’s digital-asset sector.
Treasury identified Hossein Ali Zaker Hossein as being involved in Iranian oil exports and digital-asset transfers, including transactions whose proceeds allegedly reached the IRGC. Mohammad Mahdi Zaker Hossein was identified as chief executive of Pishtaz Simorgh and a manager and representative of Dot One, while Heidari was identified as vice chairman of Dot One’s board.
The sanctions block property and interests in property belonging to the designated entities and individuals that are in the United States or under the control of US persons. Entities owned directly or indirectly, individually or collectively, at least 50 per cent by blocked persons are also subject to the restrictions.
The US State Department separately urged governments and private companies, particularly digital-asset businesses, to guard against the use of their platforms by Iranian entities.
The Treasury announcement did not include responses from BitBank, Zanjani, the other designated individuals or the Iranian government.
FOLLOW NOW
