The United States has sanctioned Iranian cryptocurrency exchange BitBank and its developer, alleging that the platform was used to transfer hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The U.S. Department of the Treasury announced the designations on September 17 under Operation Economic Outcast, the Trump administration’s campaign targeting Iran’s financial networks and sanctions evasion. Treasury also sanctioned three individuals it identified as associates of Iranian financier Babak Zanjani.

The designated entities are BitBank and Pishtaz Simorgh Electronic Trade Company, which Treasury identified as the developer of BitBank’s digital asset software. The individuals are Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari.

Treasury alleged that Zanjani used BitBank between June and July to facilitate transfers worth hundreds of millions of dollars in Bitcoin to the IRGC. It also said Hormuz Safe Marine Services Authority, which had previously been sanctioned by the United States, used BitBank to transfer payments it received to the Iranian government.

Treasury said Zanjani had promoted BitBank on social media since at least 2024 and that several companies in his wider network had identified the exchange as a partner.

Pishtaz Simorgh was described as a subsidiary of the already sanctioned Dot One Value Creation Group. Treasury said the company developed the software supporting BitBank’s digital asset operations.

The latest action extends Washington’s efforts to target Iran’s use of digital assets for sanctions evasion. Treasury has previously sanctioned Zanjani and other digital asset companies linked to his network.

Under the new designations, property and interests in property belonging to the sanctioned individuals and entities that are in the United States or under the control of U.S. persons are blocked. Entities owned 50 percent or more by blocked persons are also subject to the restrictions.

The State Department separately urged governments and private companies, particularly digital asset firms, to remain alert to Iranian efforts to use cryptocurrency platforms to access international financial networks.

The Treasury action underscores Washington’s growing focus on cryptocurrency as part of Iran’s alleged sanctions-evasion and financial networks.