Treasury says OFAC designated BitBank, an Iranian exchange it claims was used to launder funds and transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guards Corps (IRGC). The exchange is described as "a priority digital assets venture" controlled by previously sanctioned financier Babak Zanjani. Treasury also designated BitBank's developer and three Zanjani associates. The action falls under "Operation Economic Outcast," the broader campaign Treasury says is aimed at severing Iran's sanctions evasion channels. Secretary Bessent: "Today's designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC's reach. If you support the Iranian regime, the Department of the Treasury will sanction you."