The U.S. Treasury Department’s Office of Foreign Assets Control sanctioned Iranian cryptocurrency exchange BitBank, its software developer and three people linked to previously sanctioned financier Babak Zanjani, alleging that the network facilitated sanctions evasion and financing for the Islamic Revolutionary Guard Corps. Treasury said on Sept. 17 that Zanjani used BitBank between June and July to facilitate hundreds of millions of dollars in Bitcoin transfers to the IRGC, while Hormuz Safe Marine Services Authority used the exchange from June to move maritime-service receipts to the Iranian government. The designations include Pishtaz Simorgh Electronic Trade Company, BitBank’s developer and a subsidiary of Dot One Value Creation Group, as well as Mohammad Mahdi Zaker Hossein, Seyed Adel Heidari and Hossein Ali Zaker Hossein. OFAC designated the parties under Executive Order 13902 as part of Operation Economic Outcast, Treasury’s campaign against Iranian financial channels used to move oil revenue, evade sanctions and fund the IRGC. The action follows sanctions on Iranian exchanges Nobitex, Wallex, Bitpin, Ramzinex, Shelbit and Aban Tether, and expands Treasury’s focus from blockchain addresses to the companies, software providers and executives supporting alleged illicit digital-asset networks.