US sanctions Iranian financier's crypto exchange, says it processes Hormuz payments

The United States sanctioned Iranian cryptocurrency exchange BitBank on Thursday, alleging it processes payments for ships transiting the Strait of Hormuz and routes funds to the Islamic Revolutionary Guard Corps (IRGC). The Treasury Department stated that BitBank, controlled by previously sanctioned financier Babak Zanjani, is a crucial part of Iran's digital asset-based sanctions evasion infrastructure, used to transfer funds to Iran's Hormuz Safe Marine Services Authority. This action is part of Treasury's “Operation Economic Outcast” to disrupt Iran's financial networks. The US also sanctioned Pishtaz Simorgh Electronic Trade Company, BitBank's software developer, and three of Zanjani's associates. Treasury noted that Zanjani's enterprises “have served as both public‑facing commercial ventures and covert financial platforms enabling sanctions evasion and support to Iranian state‑linked entities.”