BitBank software links Iran's crypto network to new sanctions

The Sept. 17 OFAC designations for BitBank and its developer, Pishtaz Simorgh Electronic Trade Company, shift the focus from the exchange to the underlying technical architecture. The Office of Foreign Assets Control claims that Iranian financier Babak Zanjani used BitBank to move hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps during the June–July period.

Pishtaz Simorgh is a subsidiary of Dot One Value Creation Group, an entity OFAC sanctioned in July. Treasury noted that Dot One operates across a mix of sectors including digital assets, infrastructure, financial services, and transportation, which Zanjani allegedly used to obscure ownership and move capital. This targets the corporate layer that supports the trading venue.

TRM Labs stated that the current measures continue a probe started when Zedcex and Zedxion were sanctioned alongside Zanjani in January. The firm initially identified about $1 billion in IRGC-linked activity on those platforms before expanding its analysis to the surrounding corporate infrastructure. TRM indicated that BitBank and Pishtaz Simorgh are part of that same network, alongside the MyDot social platform and Dot One Smart Chain.

Treasury Secretary Scott Bessent commented that the move demonstrates crypto-based financing is “not beyond OFAC’s reach.” The action deepens Operation Economic Outcast, launched Aug. 24 to cut off Iran's financial channels for oil revenue. The campaign has already increased secondary-sanctions exposure for non-US companies dealing with targeted Iranian entities. With Bitcoin trading at $81,036.00 and up 6.22% over the last 24 hours, the expanded list provides compliance teams with new exposure points to screen against current market data.