The U.S. Treasury has sanctioned Iranian exchange BitBank, its software developer, and three individuals associated with financier Babak Zanjani. Announced on September 17, 2026, the action forms part of Operation Economic Outcast. Treasury alleges that the platform helped move Bitcoin worth hundreds of millions of dollars to the Islamic Revolutionary Guard Corps between June and July. For financial institutions, the case raises questions about exchange identification, corporate connections, and the limits of screening only named customers.

BitBank Sanctions Target an Exchange and Its Supporting Network

OFAC’s published list update identifies the targeted business as an Iranian entity also known as BitBank3,…