US Treasury sanctions Iranian crypto platform Bit Bank and Zanjani network over IRGC financing

The US Treasury has imposed sanctions on the Iranian digital-asset platform Bit Bank and its associates over alleged bitcoin transfers worth hundreds of millions of dollars to Iran's Revolutionary Guard.

• The Treasury placed Bit Bank, its developer Bishtaz Simorgh, and three associates on its sanctions list for facilitating sanctions evasion on behalf of Babak Zanjani.
• Bessent said attempts to fund Iran with cryptocurrencies were not beyond the reach of OFAC, warning that supporters of the Iranian regime would face sanctions.
• The Treasury said Zanjani used Bit Bank during June and July of this year to move bitcoin valued at hundreds of millions of dollars to the IRGC.
• The measures are part of the "Economic Outcast" campaign announced August 24, 2026, targeting oil smuggling and financial channels, with EU, UK, and Gulf partners.