US Sanctions Iranian Exchange BitBank Over Bitcoin Transfers for IRGC
- —OFAC sanctioned BitBank on September 18, 2026, for processing Bitcoin payments for vessels in the Strait of Hormuz
- —According to the US Treasury, hundreds of millions of dollars in BTC were transferred through BitBank for the IRGC since June
- —Sanctions were also imposed on Pishtaz Simorgh and three individuals linked to Babak Zanjani
- —Iranian BitBank is not affiliated with Japan's bitbank, inc., acquired by SBI Holdings
Why it matters: The case shows that exchanges with geopolitical ties quickly fall under sanctions, tightening compliance requirements for Bitcoin transactions.
Source: Coincierge