US Treasury Sanctions Iranian Crypto Exchange BitBank

The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned BitBank, an Iran-based cryptocurrency exchange, according to a Treasury press release. The designation places BitBank on the SDN (Specially Designated Nationals) list, meaning US persons and businesses are broadly prohibited from transacting with the platform.

What the Reported Action Says

The Treasury action targets BitBank as an Iranian crypto exchange, adding it to a growing list of digital-asset platforms sanctioned for operating within Iran’s financial system. The official OFAC designation notice is the authoritative record for specific details including listed wallet addresses, aliases, associated individuals, and the legal sanctions program invoked. For related coverage, see US Sanctions Iran's Largest Crypto Exchange Nobitex.

This is not the first time OFAC has moved against Iranian crypto infrastructure. The agency previously sanctioned Iran-based exchange Nobitex, and has targeted multiple Iranian digital asset exchanges in prior enforcement rounds.

Details Still to Be Confirmed

The specific legal authority, exact designation date, listed blockchain addresses, and any named affiliates or individuals should be verified directly against the official OFAC notice. Readers and compliance teams should not rely on media summaries alone for operational decisions. For related coverage, see U.S. Says It Seized $1 Billion in Iranian Crypto: What Happened.

Per reporting by CryptoPotato, BitBank has landed on the Treasury’s sanctions list, though the full scope of associated designations remains subject to the primary-source documentation. For broader context on prior Iranian crypto seizures, see coverage of the $1 billion in Iranian crypto seized by US authorities.

What US Persons and Platforms Need to Verify

An OFAC SDN designation means US persons, including crypto exchanges, payment processors, and custodians, are generally prohibited from engaging in transactions with the listed entity. Businesses with any potential exposure should cross-reference the official designation against their own customer and counterparty data and consult qualified legal or compliance counsel.

Exchanges operating globally should also review whether any wallet addresses associated with BitBank appear in OFAC’s published address lists, which are updated alongside SDN additions. US authorities have reported seizing $1 billion in Iranian crypto in a prior enforcement action, signaling the scale at which OFAC is pursuing this sector.

Signals for the Industry

The BitBank designation reinforces that sanctions screening for crypto businesses must extend beyond fiat on/off-ramps to include exchange-level counterparty checks and blockchain address monitoring. Compliance teams should treat newly published SDN wallet addresses as immediate blocklist inputs.

Further reporting will be updated as primary-source designation details, including any associated blockchain addresses or named individuals, become available from OFAC. The prior Nobitex designation offers a template for the type of operational detail typically published alongside these actions.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.