BitBank (Iranian Exchange)
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anchored·5Tgf9h…Pu8iSummary
BitBank is an Iranian cryptocurrency exchange, also known as BitBank3, launched in 2024 and alleged by the U.S. Treasury to be controlled by sanctioned Iranian financier Babak Zanjani. On September 17, 2026, the U.S. Office of Foreign Assets Control (OFAC) designated BitBank as part of Operation Economic Outcast, alleging that between June and July 2026 the platform was used to transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC) and to process Strait of Hormuz maritime toll payments collected by the Iranian regime.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(10 events)
1 January 2013
U.S. Treasury first designates Babak Zanjani, alleging his Sorinet network moved billions of dollars for the Iranian government in violation of sanctions.
U.S. Department of the Treasury1 December 2013
Iranian authorities arrest Zanjani on charges of embezzling approximately $2.7 billion from the National Iranian Oil Company.
Wikipedia: Babak Zanjani1 March 2016
Iranian court sentences Zanjani to death for embezzlement. The sentence is later commuted in 2024.
Wikipedia: Babak Zanjani1 January 2024
Zanjani's death sentence is commuted. He re-emerges publicly by 2025 as a backer of regime-linked economic projects, including digital asset ventures.
TRM Labs1 January 2024
BitBank is reportedly launched as an Iranian cryptocurrency exchange, accessible at bitbank3.com.
AML Intelligence30 January 2026
OFAC re-designates Babak Zanjani and sanctions his two UK-registered exchanges Zedcex Exchange Limited and Zedxion Exchange Limited.
TRM Labs1 June 2026
According to OFAC, the Hormuz Safe Marine Services Authority begins using BitBank to route Bitcoin toll payments (collected from ships at $1M-$2M per passage) to the Iranian regime.
U.S. Department of the Treasury24 July 2026
OFAC designates four individuals and nine entities in Zanjani's broader network, including Dot One Value Creation Group, ZEDX DMCC, ZedPay, and BZ Diamond.
U.S. Department of the Treasury24 August 2026
Treasury Secretary Scott Bessent announces Operation Economic Outcast as 'Economic D-Day,' targeting Iran's financial channels.
OFAC / GlobalSecurity17 September 2026
OFAC designates BitBank, Pishtaz Simorgh Electronic Trade Company, and three individuals under Executive Order 13902, alleging BitBank transferred hundreds of millions of dollars in Bitcoin to the IRGC between June and July 2026.
U.S. Department of the TreasuryDecision Log
- hash: 2idnz5h9iPXGifQyfeVFhTHcEZEwUVAHWY8HdpbShgGB
This investigation is cryptographically anchored to the Solana blockchain (1 event). 12 of 13 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/27/2026, 12:03:10 PM
last updated: 9/27/2026, 3:49:17 PM
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