The U.S. Treasury Department has sanctioned Iranian cryptocurrency exchange BitBank, its software developer Pishtaz Simorgh Electronic Trade Company and three associates of Iranian financier Babak Zanjani. The Office of Foreign Assets Control alleged that Zanjani used BitBank between June and July 2026 to transfer hundreds of millions of dollars worth of Bitcoin to the Islamic Revolutionary Guard Corps. Treasury also said Hormuz Safe Marine Services Authority had used BitBank since June to transfer payments collected from maritime services to the Iranian government. The Sept. 17, 2026, designations were issued under Executive Order 13902 as part of Operation Economic Outcast and follow earlier actions against Zanjani-linked exchanges Zedcex and Zedxion, as well as Iranian platforms Nobitex, Wallex, Bitpin and Ramzinex. The case connects crypto sanctions enforcement with shipping and payments linked to the Strait of Hormuz, while increasing compliance risks for exchanges, financial institutions and other businesses dealing with Iran-linked counterparties.