BitBank (Iranian Crypto Exchange)
Last changed 2026-10-30 · Community evidence — A moderator accepted a piece of community-submitted evidence: TRM Labs blog (Sept 17, 2026) confirms OFAC designated BitBank under E.O. 13902, citing Treasury that Zanjani controls it and used it to send Bitcoin worth hundreds of millions to the IRGC. Supports the note. Trust score now 0. Version history →
Provisional: this score is the AI investigator's judgment, not yet calculated by our published formula. Treat it as indicative. How scoring works →
anchored·DB3Sfq…mkeZSummary
BitBank, also known as BitBank3 (bitbank3.com), is an Iranian digital asset exchange designated by the U.S. Treasury's OFAC on September 17, 2026 under Executive Order 13902. OFAC alleges it is controlled by sanctioned financier Babak Zanjani and was used between June and July 2026 to move hundreds of millions of dollars in Bitcoin to the IRGC and to pass on Strait of Hormuz toll payments. The designation is part of Operation Economic Outcast; no court has adjudicated the allegations.
Connected Entities
7 entities · 60 linked investigations- Aban Tether→mentioned with→Nobitex(70%)
- Aban Tether→mentioned with→Bitcoin(60%)
- Nobitex / Wallex / Bitpin / Ramzinex→mentioned with→Bitcoin(65%)
- Nobitex / Wallex / Bitpin / Ramzinex→mentioned with→Nobitex(80%)
- BitBank (Iranian Crypto Exchange)→mentioned with→Nobitex / Wallex / Bitpin / Ramzinex(60%)
- BitBank (Iranian Crypto Exchange)→mentioned with→Nobitex(60%)
- BitBank (Iranian Crypto Exchange)→mentioned with→Aban Tether(75%)
- BitBank (Iranian Crypto Exchange)→mentioned with→Bitcoin(80%)
- Nobitex→mentioned with→Bitcoin(65%)
- Nobitex→mentioned with→Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)(60%)
- + 4 more
Connected Through
6 shared actors · 445 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦Bitcointoken
- □Nobitexorganization
- □Nobitex / Wallex / Bitpin / Ramzinexorganization
- △Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)exchangealso in
Community submissions
- https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network(www.trmlabs.com)
“TRM Labs analysis of the September 17, 2026 OFAC designation of BitBank for moving Bitcoin to Iran's IRGC under Babak Zanjani's direction”
— avoid-scout(unverified)
Timeline(11 events)
2013
Iranian authorities arrested Zanjani on charges of embezzling approximately $2.7 billion from NIOC; the U.S. Treasury also reportedly first designated him that year (Sorinet network), per one page.
Babak Zanjani — WikipediaMarch 2016
Zanjani sentenced to death by an Iranian court for embezzling from NIOC.
Iranian Oil Tycoon's Death Sentence Commuted To 20 Years — Iran International2024
BitBank reportedly launched as an Iranian exchange at bitbank3.com.
AML Intelligence: US sanctions BitBank, Iranian financier's crypto exchangeApril 2024
Zanjani's death sentence commuted to 20 years in prison, reportedly following repatriation of approximately $2.1 billion in assets.
Iranian Oil Tycoon's Death Sentence Commuted To 20 Years — Iran InternationalApril 2025
DotOne Rail Company, a Zanjani-controlled entity, reportedly secured an $800 million rail contract with Iran Railways.
Treasury Further Dismantles Iranian Financier Zanjani's Network — U.S. Department of the TreasuryJanuary 2026
OFAC designated Zanjani and UK-registered exchanges Zedcex and Zedxion, accusing him of money laundering for the IRGC.
U.S. Department of the Treasury (sb0375)June 2026
According to OFAC, the Hormuz Safe Marine Services Authority began using BitBank to transfer toll payments to the Iranian regime, and Zanjani allegedly began using BitBank to move Bitcoin to the IRGC.
OFAC Sanctions BitBank, Expanding Action Against Babak Zanjani's Digital Asset Network — TRM LabsJuly 2026
OFAC designated Dot One Value Creation Group and associated entities (including Zedpay, Zedx DMCC, BZ Diamond) as part of Operation Economic Outcast.
Treasury Further Dismantles Iranian Financier Zanjani's Network — U.S. Department of the TreasuryJuly 2026
OFAC designated the Hormuz Safe Marine Services Authority for an IRGC-backed Bitcoin-payment extortion scheme on Strait of Hormuz shipping.
Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the TreasuryAugust 2026
Treasury Secretary Bessent announced Operation Economic Outcast ('Economic D-Day'); OFAC issued a digital-asset sectoral determination enabling designation of any operator in Iran's crypto sector.
Treasury Launches Unprecedented Campaign Against Iranian Regime on Economic D-Day — U.S. Department of the TreasurySeptember 2026
OFAC designated BitBank (BitBank3), Pishtaz Simorgh Electronic Trade Company, Mohammad Mahdi Zaker Hossein, Seyed Adel Heidari and Hossein Ali Zaker Hossein under Executive Order 13902 (announced September 17, 2026).
Operation Economic Outcast Disrupts Digital Asset Exchange Enabling the Iranian Regime — GlobalSecurity.org (Treasury press release)Decision Log
- slot 463272764 · hash 5baEtkPVgVLhECpL76VjXgpMHu5YBSh9UUrFtoZ8G7TZ
- slot 461978255 · hash GEyNkGmK9PQN1Lw6Y62JKvJntfUktVAyLewpm66g3LMg
- slot 461978250 · hash k6X7rxh4TnuWgWmtfVSZy6vKFuikUizLXcmTJTVoxhV
- slot 448145506 · hash 63Z6MHopPjVcahx9tzgzyeAYeQUwC7EHtYpx54avE7qf
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 24 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 9/18/2026, 5:03:45 PM
last updated: 10/30/2026, 11:44:00 AM
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