The United States government has leveled new sanctions against BitBank, an Iranian cryptocurrency exchange allegedly controlled by the notorious financier Babak Zanjani. According to the Treasury Department, the platform played a critical role in routing hundreds of millions of dollars to the Islamic Revolutionary Guard Corps. Officials specifically accused the exchange of facilitating payments for vessels seeking safe passage through the strategically vital Strait of Hormuz via the recently formed Hormuz Safe Marine Services Authority.
This move is part of a broader strategic push known as Operation Economic Outcast, which aims to systematically dismantle Iran’s global financial and logistical networks. By targeting digital asset infrastructures, the U.S. hopes to cut off sanction-evasion routes that allow Tehran to fund its operations despite international pressure. Along with BitBank, the Treasury sanctioned Pishtaz Simorgh Electronic Trade Company, the firm responsible for developing the exchange’s software, as well as three close associates of Zanjani.
Babak Zanjani remains a central figure in these efforts, having spent years operating complex networks designed to bypass Western restrictions. His history is marked by extreme volatility; after being sentenced to death by Iranian authorities for embezzlement in 2016, his sentence was commuted in 2024. Shortly thereafter, he resurfaced as a primary backer for various government economic initiatives, leading U.S. officials to view him as a persistent threat to international financial security.
These latest designations follow a series of aggressive actions taken earlier this year against other Zanjani-linked projects, including several exchanges and conglomerates spanning Turkey and the United Arab Emirates. The Treasury Department noted that these enterprises often masquerade as legitimate commercial ventures while secretly functioning as covert platforms that funnel money toward state-linked entities within Iran.
