TREE NEWS update: The US Treasury’s OFAC sanctioned Tehran-based crypto exchange BitBank, saying it moved hundreds of millions of dollars in bitcoin to Iran’s Islamic Revolutionary Guard Corps. OFAC said BitBank is controlled by Iranian financier Babak Zanjani, designated in January, who used the platform for transfers between June and July under Executive Order 13902. The action also covers Pishtaz Simorgh, BitBank’s software developer, and three executives of its parent Dot One. OFAC did not publish wallet addresses.
US Treasury Sanctions Iran Exchange BitBank Over IRGC Bitcoin Transfers
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AI take
The notable detail here is what OFAC did not do: no wallet addresses were published. That limits the immediate operational value of the designation for exchanges and analytics firms screening on-chain flows, and pushes compliance toward entity-level checks rather than address blacklists. The naming of a software developer and parent-company executives signals that the target is the infrastructure and its operators, not just the exchange brand. Whether future designations follow with addresses, and whether counterparty exchanges tighten screening on Iranian-nexus flows, is the open question.
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