TL;DR

The U.S. Treasury has targeted another part of Iran’s crypto infrastructure, this time placing digital asset exchange BitBank under sanctions.

The Office of Foreign Assets Control designated BitBank as part of what Treasury describes as a sanctions-evasion network tied to Iranian financier Babak Zanjani.

Treasury also sanctioned BitBank developer Pishtaz Simorgh Electronic Trade Company and several individuals linked to Zanjani’s wider business network.

The allegations are substantial.

OFAC says Zanjani used BitBank between June and July to facilitate the movement of hundreds of millions of dollars’ worth of Bitcoin to Iran’s Islamic Revolutionary Guard Corps.

Those are U.S. government allegations underlying the sanctions…