US sanctions Iranian crypto exchange over alleged IRGC financing network
The US Treasury sanctioned BitBank, its software developer and three associates of financier Babak Zanjani. Treasury alleged that BitBank helped move hundreds of millions of dollars in Bitcoin to Iran’s Revolutionary Guard and supported sanctions-evasion activity.
By DoomRadar · Published on DoomRadar . Updated .
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How the effects could reach youConditional effects
What happened
OFAC designated Iranian crypto exchange BitBank, its developer Pishtaz Simorgh Electronic Trade Company and three associates of Babak Zanjani. [1][3]
References for this detail (2)
- Treasury cracks down on Iranian crypto networkisraelnationalnews.com · Recorded source date: Sep 17, 2026, 7:02 PM UTC
- US targets Iran crypto network over IRGC fundsmorungexpress.com · Recorded source date: Sep 18, 2026, 6:32 AM UTC
Treasury alleged that BitBank facilitated transfers worth hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps between June and July. [2][3]
References for this detail (2)
- AS Sanksi Bursa Kripto Iran BitBank, Dituding Transfer Bitcoin ke IRGCliputan6.com · Recorded source date: Sep 18, 2026, 6:32 AM UTC
- US targets Iran crypto network over IRGC fundsmorungexpress.com · Recorded source date: Sep 18, 2026, 6:32 AM UTC
Treasury said BitBank was part of a network used to evade sanctions and that Zanjani had promoted the exchange since at least 2024. [1][3]
References for this detail (2)
- Treasury cracks down on Iranian crypto networkisraelnationalnews.com · Recorded source date: Sep 17, 2026, 7:02 PM UTC
- US targets Iran crypto network over IRGC fundsmorungexpress.com · Recorded source date: Sep 18, 2026, 6:32 AM UTC
The action was taken under the Trump administration’s Operation Economic Outcast, according to the reports. [1][3]
References for this detail (2)
- Treasury cracks down on Iranian crypto networkisraelnationalnews.com · Recorded source date: Sep 17, 2026, 7:02 PM UTC
- US targets Iran crypto network over IRGC fundsmorungexpress.com · Recorded source date: Sep 18, 2026, 6:32 AM UTC
Context from the sources
The reports say Treasury had previously designated other digital-asset entities and facilitators linked to Zanjani in 2026. [1]
Explore the sources and reporting timeline
3 source links · 3 domains
These counts describe the references, not independent confirmations. Different outlets can repeat the same original report.
Source timeline
Oldest to newest among the available source dates, not a chronology of the incident. Article publication dates come from the source; other recorded dates may reflect when a link was found.
- [1] Treasury cracks down on Iranian crypto networkisraelnationalnews.comReferenced for: detail 1, detail 3, detail 4
- [3] US targets Iran crypto network over IRGC fundsmorungexpress.comReferenced for: detail 1, detail 2, detail 3, detail 4
- [2] AS Sanksi Bursa Kripto Iran BitBank, Dituding Transfer Bitcoin ke IRGCliputan6.comReferenced for: detail 2
What this could mean for you
Transactions involving BitBank or linked entities may be blocked or delayed
US sanctions increase restrictions for designated entities and counterparties connected to US financial systems.
Reported basis: [1][3] · The possible effect is interpretation.
Depends on: Users or intermediaries transact with the designated network.
Possible time frame: days, if those conditions hold.
Further financial restrictions could affect Iran-linked commercial channels
Additional designations could expand compliance checks and reduce access to international financial services.
Reported basis: [1][3] · The possible effect is interpretation.
Depends on: US authorities extend the sanctions campaign to related entities.
Possible consequences, not a forecast. Their relevance depends on your location and the conditions above.
For your country
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What changes the outlook
Risk increases if…
Treasury designates additional exchanges, intermediaries or payment channels tied to the alleged network.
The designated entities continue operating through identifiable counterparties.
Pressure eases if…
The alleged network loses access to remaining exchange and payment partners.
Authorities clarify or narrow the sanctions’ scope for unrelated users.
Still unclear
Whether the sanctions will materially disrupt the alleged network’s remaining channels.
Whether additional entities or facilitators will be designated.
Market implications
Market impact
Sources (3)
References for the reported details. Separate links do not necessarily mean independent confirmation.
Available excerpt
US Treasury sanctions BitBank and associates of Babak Zanjani, accusing the network of moving hundreds of millions in Bitcoin to Iran’s IRGC. The US Department…A short excerpt from our source record; open the original for the full article.
Available excerpt
Selain Departemen Keuangan AS, Badan Pengawas Aset Luar Negeri juga menjatuhkan sanksi kepada pengembang perangkat lunak bursa kripto BitBank. Liputan6.com, Jakarta - Departemen Keuangan Amerika…A short excerpt from our source record; open the original for the full article.
Available excerpt
Washington, September 18 (IANS) The United States sanctioned an Iranian cryptocurrency exchange and its developer, alleging that the network helped transfer hundreds of millions of…A short excerpt from our source record; open the original for the full article.
First tracked by DoomRadar: . AI-assisted analysis · . Based on linked headlines and available excerpts. Methodology · Report an error.