US Treasury just nuked BitBank, an Iranian crypto exchange tied to sanctioned financier Babak Zanjani. The platform allegedly processed payments for safe passage through the Strait of Hormuz—a critical maritime chokepoint.
Treasury claims BitBank is part of Zanjani's digital asset sanctions-evasion network, funneling payments to Iran's Hormuz Safe Marine Services Authority. Zanjani, who was sentenced to death in 2016 for embezzlement (commuted in 2024), re-emerged backing Iranian government economic projects.
This isn't new. In July, OFAC already sanctioned 4 individuals and 9 entities linked to Zanjani's Dot One conglomerate, including his Zedcex and Zedxion exchanges.
Latest sanctions hit BitBank, its software dev Pishtaz Simorgh Electronic Trade Company, and 3 close Zanjani associates: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.
This falls under Operation Economic Outcast—targeting Iran's global financial and logistical networks. Treasury says Zanjani's businesses operate as both public commercial ventures and covert financial platforms for sanctions evasion and state-linked entities.
Another reminder: crypto exchanges operating in gray zones are sitting ducks for regulatory crackdowns. If you're touching platforms with geopolitical risk, you're playing with fire.
Treasury claims BitBank is part of Zanjani's digital asset sanctions-evasion network, funneling payments to Iran's Hormuz Safe Marine Services Authority. Zanjani, who was sentenced to death in 2016 for embezzlement (commuted in 2024), re-emerged backing Iranian government economic projects.
This isn't new. In July, OFAC already sanctioned 4 individuals and 9 entities linked to Zanjani's Dot One conglomerate, including his Zedcex and Zedxion exchanges.
Latest sanctions hit BitBank, its software dev Pishtaz Simorgh Electronic Trade Company, and 3 close Zanjani associates: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari.
This falls under Operation Economic Outcast—targeting Iran's global financial and logistical networks. Treasury says Zanjani's businesses operate as both public commercial ventures and covert financial platforms for sanctions evasion and state-linked entities.
Another reminder: crypto exchanges operating in gray zones are sitting ducks for regulatory crackdowns. If you're touching platforms with geopolitical risk, you're playing with fire.