Can Iran Still Fund the IRGC With Crypto? Treasury Just Sanctioned Another Exchange

The US Treasury sanctioned crypto exchange BitBank on Thursday. The platform was used to move hundreds of millions of dollars in Bitcoin (BTC) to the Islamic Revolutionary Guard Corps (IRGC), the department alleges.

The Office of Foreign Assets Control (OFAC) also designated BitBank’s software developer and three associates of Babak Zanjani. The Iranian financier already sits on the US sanctions list.

Treasury Hits Iran’s Crypto Rails as BitBank and Its Developer Land on Sanctions List BitBank is an Iranian digital asset exchange. Zanjani has advertised its services on its social media accounts since at least 2024, according to the Treasury.

Several firms on Zanjani’s sanctions evasion list the exchange as a partner. According to OFAC, Zanjani routed hundreds of millions of dollars in Bitcoin to the IRGC through BitBank. Those transfers ran between June and July.