OFAC Sanctions Iranian Crypto Exchange BitBank

OFAC sanctions against BitBank have expanded U.S. measures against Iran’s digital asset infrastructure. On September 17, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control added BitBank, its developer Pishtaz Simorgh Electronic Trade Company and three individuals to the Specially Designated Nationals and Blocked Persons (SDN) List.

The action was taken under Executive Order 13902. In addition to the two entities, Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari were added to the list.

OFAC sanctions against BitBank: what the agency’s record confirms

In OFAC’s official record, BitBank is listed as an Iranian entity established in 2024. The agency also lists the alias BitBank3 and the domains bitbank3.com and bitbank.com. The designation also applies to Pishtaz Simorgh Electronic Trade Company, which the notice identifies as the exchange’s developer.

Being added to the SDN List means that the property and property interests of designated persons and entities located in the United States or under the control of U.S. persons are blocked. U.S. persons generally may not conduct transactions with them unless authorized by OFAC.

For banks, crypto exchanges and other financial intermediaries, this means they need to account for the designated entities in sanctions screening. Transactions with them create heightened sanctions and secondary sanctions risk.

Treasury allegations are not a judicial finding

In its notice, the U.S. Treasury Department stated allegations that BitBank was operated by Babak Zanjani, that the exchange facilitated transfers of hundreds of millions of dollars in bitcoin for the Islamic Revolutionary Guard Corps (IRGC), and that it received payments from Hormuz Safe Marine Services Authority.

These are allegations by the U.S. Treasury Department. The materials provided do not contain an independent judicial finding of these acts or a statement from BitBank. The OFAC action itself confirms the sanctions designation, not an independently verified shutdown of the exchange or the extent of its assets outside U.S. jurisdiction.

The designation also does not automatically mean that all BitBank technical services or assets worldwide are blocked. The direct legal effects described by OFAC concern U.S. jurisdiction and U.S. persons, while international partners must assess their own legal obligations and risks.

Iranian BitBank must be distinguished from the Japanese exchange

The name BitBank may cause confusion. The sanctions record concerns the Iranian entity identified by OFAC, including the alias BitBank3 and the listed domains. It does not concern the Japanese crypto exchange bitbank, inc.

The case shows that the U.S. agency is not targeting only individual blockchain addresses or individuals. It included an exchange, a company associated with its development and three individuals in one action. The materials provided do not list blockchain wallet identifiers connected to BitBank.

What to watch next

• whether BitBank or the designated persons issue a statement or take action against the designation;
• whether OFAC, the U.S. Department of Justice or another agency publishes further evidence, criminal proceedings or crypto wallet identifiers;
• how major crypto exchanges and blockchain analytics companies respond to domains and any addresses associated with BitBank.

Verified and updated: 09/18/2026 06:20