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Treasury Sanctions Iranian Crypto Exchange BitBank, IRGC Funds

By Drooid · Sep 18, 2026, 6:22 AM UTC · How we work

Summary

BitBank Sanctioned

The U.S. Treasury Department sanctioned BitBank, an Iranian cryptocurrency exchange.
BitBank processed payments for vessels transiting the Strait of Hormuz.
BitBank transferred hundreds of millions of dollars to Iran’s Islamic Revolutionary Guard Corps.
BitBank funneled funds to the newly created Hormuz Safe Marine Services Authority.
Treasury also sanctioned Pishtaz Simorgh Electronic Trade Company and three Zanjani associates.

Summary

U.S. Treasury Sanctions Iran

U.S. Treasury sanctions target Iran a week before its UN General Assembly delegation arrives.
State Department spokesperson announced travel restrictions and a luxury-goods ban for the Iranian UN team.
President Donald Trump told Axios he is weighing whether to “annihilate” Iran.
Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifeng before the Trump-Xi summit on Sept. 24.

History

Historical Context

In August 1996 President Bill Clinton signed the Iran and Libya Sanctions Act, targeting foreign firms investing in Iran’s energy sector. The act was renamed the Iran Sanctions Act in 2006 after the Libya provisions were dropped. Today the Treasury Department’s sanctions on the IRGC and related entities revive that strategy of cutting off Iran’s revenue ahead of its UN General Assembly delegation.

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BitBank Sanctioned

The U.S. Treasury Department sanctioned BitBank, an Iranian cryptocurrency exchange.
BitBank processed payments for vessels transiting the Strait of Hormuz.
BitBank transferred hundreds of millions of dollars to Iran’s Islamic Revolutionary Guard Corps.
BitBank funneled funds to the newly created Hormuz Safe Marine Services Authority.
Treasury also sanctioned Pishtaz Simorgh Electronic Trade Company and three Zanjani associates.

1 / 3