US Treasury has expanded its Iran crackdown by targeting BitBank, its developer, and executives linked to financier Babak Zanjani.

The US Treasury Department has sanctioned cryptocurrency exchange BitBank as part of a wider crackdown on Iran’s financial networks.

The Office of Foreign Assets Control (OFAC) said BitBank is controlled by Iranian financier Babak Zanjani, who is already under US sanctions. The agency accused the exchange of helping move funds linked to Iran.

BitBank Targeted

According to OFAC, BitBank was used to transfer payments received by the Hormuz Safe Marine Services Authority, an entity already designated by the US. The agency said the transfers…