Audit log

Every state-changing event for BitBank (Iranian Crypto Exchange): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-09-18 17:03:55Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 448,145,506

   sig

   DB3SfqH6MbrX…jKGmmkeZcopyexplorer ↗

   hash

   63Z6MHopPjVc…54avE7qfcopysha256 → base58

   verifying row…full verify ↗

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   {"actor":"system:backfill","investigation_id":"bc0be2e4-a32b-48c0-80c7-5a0f468db53f","kind":"publish","page_slug":"bitbank-iranian-crypto-exchange","published_at":"2026-09-18T17:03:55.285Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"BitBank (Iranian Crypto Exchange)","sections":[{"content":"On September 17, 2026, OFAC formally designated BitBank under Executive Order 13902, which authorizes sanctions against persons operating in Iran's digital asset sector. The designation places BitBank on the Specially Designated Nationals (SDN) list, blocking all U.S.-jurisdiction property of the exchange and prohibiting U.S. persons from transacting with it. Violations of this designation carry civil and criminal penalties under applicable U.S. sanctions enforcement law. The action was announced as part of Operation Economic Outcast, a whole-of-government economic campaign against the Iranian regime launched by Treasury Secretary Bessent on August 24, 2026. According to OFAC, the designation 'directly strikes at the architecture Zanjani built to launder funds and transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guards Corps.' No court has adjudicated these allegations; the designation is an administrative regulatory action, not a criminal conviction.","heading":"OFAC Designation and Legal Status","severity":"critical","sources":[{"credibility":1,"name":"Operation Economic Outcast Disrupts Digital Asset Exchange Enabling the Iranian Regime — GlobalSecurity.org (Treasury press release)","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/09/iran-260917-treasury01.htm"},{"credibility":1,"name":"Treasury Launches Unprecedented Campaign Against Iranian Regime on Economic D-Day — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0613"},{"credibility":2,"name":"US sanctions Iranian crypto exchange BitBank over alleged bitcoin transfers to IRGC — The Block","type":"news_article","url":"https://www.theblock.co/news/regulation/2026-09-17-us-sanctions-iranian-crypto-exchange-bitbank-alleged-bitcoin-transfers-to-irgc-415462"}]},{"content":"According to OFAC, between June and July 2026, sanctioned Iranian financier Babak Zanjani allegedly used BitBank to transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC). The IRGC is a U.S.-designated foreign terrorist organization. OFAC further alleged that the previously designated Hormuz Safe Marine Services Authority — an IRGC-backed entity sanctioned on July 29, 2026 for running a Bitcoin-denominated extortion scheme on Strait of Hormuz shipping lanes — used BitBank since June 2026 to transfer payments it received to the Iranian regime. Treasury stated that since at least 2024, Zanjani had advertised BitBank's services on his social media accounts. These are regulatory allegations made in an administrative SDN designation; no criminal indictment or judicial finding has been issued against BitBank or its operators as of this writing.","heading":"Alleged Role in IRGC Financing","severity":"critical","sources":[{"credibility":2,"name":"OFAC Sanctions BitBank, Expanding Action Against Babak Zanjani's Digital Asset Network — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network"},{"credibility":2,"name":"BitBank faces U.S. sanctions over alleged IRGC Bitcoin transfers — Crypto.news","type":"news_article","url":"https://crypto.news/bitbank-faces-u-s-sanctions/"},{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":2,"name":"US Sanctions Bitcoin Exchange for Handling Iran's Hormuz Transit Fees — Maritime Executive","type":"news_article","url":"https://maritime-executive.com/article/us-sanctions-bitcoin-exchange-for-handling-iran-s-hormuz-transit-fees"}]},{"content":"OFAC describes BitBank as a 'priority digital asset venture' controlled by Babak Zanjani, an Iranian financier who was first designated by OFAC on January 30, 2026 alongside UK-registered exchanges Zedcex and Zedxion. Zanjani was sentenced to death in Iran in March 2016 for embezzling from the National Iranian Oil Company (NIOC), a conviction entered by Iranian courts. His death sentence was commuted to 20 years in prison in April 2024, reportedly following the repatriation of approximately $2.1 billion in assets. By 2025, Zanjani had publicly re-emerged and became a backer of regime-linked economic projects. In OFAC's January 2026 designation, he was accused of money laundering for the IRGC through Zedcex and Zedxion. TRM Labs reported that IRGC-linked activity represented approximately 56% of observed transaction volume through those exchanges, and that approximately $1 billion in funds was traced through them to IRGC-linked wallets between 2023 and 2025. These on-chain figures are attributed to TRM Labs' research and have not been independently adjudicated. In the UK, Companies House proceedings were initiated to dissolve Zedcex Exchange Ltd and Zedxion Exchange Ltd following the sanctions action, according to reporting by OCCRP.","heading":"Controlling Figure: Babak Zanjani","severity":"critical","sources":[{"credibility":1,"name":"Treasury Further Dismantles Iranian Financier Zanjani's Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0576"},{"credibility":2,"name":"OFAC Sanctions BitBank, Expanding Action Against Babak Zanjani's Digital Asset Network — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network"},{"credibility":2,"name":"US Sanctions Family of Iranian Tycoon in Crackdown on Alleged IRGC Crypto Network — OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/us-sanctions-family-of-iranian-tycoon-in-crackdown-on-alleged-irgc-crypto-network"},{"credibility":3,"name":"Babak Zanjani — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Babak_Zanjani"},{"credibility":2,"name":"Iranian Oil Tycoon's Death Sentence Commuted To 20 Years — Iran International","type":"news_article","url":"https://www.iranintl.com/en/202404308410"},{"credibility":2,"name":"UK to Dissolve Crypto Exchange Accused of Funding Iran's Revolutionary Guard — OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/uk-to-dissolve-crypto-exchange-accused-of-funding-irans-revolutionary-guard"}]},{"content":"OFAC designated Pishtaz Simorgh Electronic Trade Company as the developer of BitBank's digital asset software. Pishtaz Simorgh is described by Treasury as a subsidiary of Dot One Value Creation Group, itself sanctioned on July 24, 2026. BitBank's website (bitbank3.com) listed Pishtaz Simorgh and Avan Exchange as exchange partners, according to TRM Labs' research published at the time of the designation. BitBank was integrated into the broader Dot One digital ecosystem: Dot One's social platform MyDot allows users to accumulate 'stars' that convert into DOTO, a purpose-built digital asset native to the Dot One Smart Chain (an EVM-compatible blockchain). Users are directed to transfer DOTO to BitBank for P2P sales. This integration suggests BitBank served as the liquidity and off-ramp layer for the Dot One financial ecosystem. Dot One Value Creation Group, led by Zanjani as CEO, operates across logistics, telecommunications, aviation, transportation, gold production, and digital assets. A subsidiary, DotOne Rail Company, secured an $800 million rail contract with Iran Railways in April 2025.","heading":"Developer and Corporate Infrastructure","severity":"high","sources":[{"credibility":2,"name":"OFAC Sanctions BitBank, Expanding Action Against Babak Zanjani's Digital Asset Network — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network"},{"credibility":1,"name":"Treasury Further Dismantles Iranian Financier Zanjani's Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0576"},{"credibility":2,"name":"US sanctions Iranian crypto exchange and its software developer over alleged IRGC Bitcoin transfers — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/us-sanctions-iranian-crypto-exchange-and-its-software-developer-over-alleged-irgc-bitcoin-transfers/"}]},{"content":"Three individuals were designated alongside BitBank and Pishtaz Simorgh on September 17, 2026. Mohammad Mahdi Zaker Hossein is identified as the CEO of Pishtaz Simorgh and a manager at Dot One. Seyed Adel Heidari is identified as vice chairman of Dot One's board of directors. Hossein Ali Zaker Hossein is identified as a Dot One executive whom OFAC described as 'central to Zanjani's sanctions-evasion activity.' All three are subject to the full range of SDN designation consequences, including asset blocking and transaction prohibitions applicable to U.S. persons.","heading":"Designated Individuals","severity":"high","sources":[{"credibility":2,"name":"OFAC Sanctions BitBank, Expanding Action Against Babak Zanjani's Digital Asset Network — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network"},{"credibility":1,"name":"Operation Economic Outcast Disrupts Digital Asset Exchange Enabling the Iranian Regime — GlobalSecurity.org (Treasury press release)","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/09/iran-260917-treasury01.htm"}]},{"content":"The BitBank designation is the third major enforcement action against Zanjani's network in 2026 and fits within a pattern of expanding OFAC pressure on Iranian crypto infrastructure. Earlier in 2026, OFAC sanctioned multiple other Iranian exchanges as part of Operation Economic Outcast, including Nobitex, Wallex, Bitpin, and Ramzinex (June 2026), and Shelbit and Aban Tether (August 2026). The digital-asset sectoral determination announced under Operation Economic Outcast on August 24, 2026 grants OFAC the authority to designate any person determined to operate in Iran's digital asset sector, without requiring proof of a direct connection to a previously named Iranian designee. This significantly expands secondary sanctions exposure for global crypto businesses transacting with Iranian entities.","heading":"Broader Sanctions Enforcement Context","severity":"high","sources":[{"credibility":2,"name":"U.S. widens Iran crackdown to encompass crypto, gold, shipping and technology — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/08/25/u-s-widens-iran-crackdown-to-encompass-crypto-gold-shipping-and-technology"},{"credibility":2,"name":"US sanctions Iranian crypto exchange BitBank over alleged bitcoin transfers to IRGC — The Block","type":"news_article","url":"https://www.theblock.co/news/regulation/2026-09-17-us-sanctions-iranian-crypto-exchange-bitbank-alleged-bitcoin-transfers-to-irgc-415462"},{"credibility":2,"name":"Can Iran Still Fund the IRGC With Crypto? Treasury Just Sanctioned Another Exchange — BeInCrypto","type":"news_article","url":"https://beincrypto.com/treasury-sanctions-bitbank-iran-crypto/"}]},{"content":"Any U.S. person or entity that transacts with BitBank, its operators, or associated wallets risks civil and criminal liability under OFAC regulations. Non-U.S. persons may face secondary sanctions exposure under the digital-asset sectoral determination in effect since August 2026. The September 17 SDN entries did not include specific Bitcoin wallet addresses in the publicly released designation documents, according to multiple sources, which distinguishes this action from some earlier Iranian crypto sanctions that included on-chain identifiers. Compliance teams at global exchanges should treat all BitBank-attributed addresses as high-risk pending any OFAC supplemental guidance.","heading":"Compliance Risk for Global Exchanges and Users","severity":"critical","sources":[{"credibility":2,"name":"US Blacklists Iranian BitBank Exchange: Key Compliance Takeaways — Crypto News Flash","type":"news_article","url":"https://www.crypto-news-flash.com/us-blacklists-iranian-bitbank-exchange-key-compliance-takeaways/"},{"credibility":2,"name":"OFAC Sanctions BitBank, Expanding Action Against Babak Zanjani's Digital Asset Network — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network"}]}],"sources_used":[{"credibility":1,"name":"Operation Economic Outcast Disrupts Digital Asset Exchange Enabling the Iranian Regime — GlobalSecurity.org (Treasury press release)","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/09/iran-260917-treasury01.htm"},{"credibility":1,"name":"Treasury Launches Unprecedented Campaign Against Iranian Regime on Economic D-Day — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0613"},{"credibility":1,"name":"Treasury Further Dismantles Iranian Financier Zanjani's Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0576"},{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":2,"name":"OFAC Sanctions BitBank, Expanding Action Against Babak Zanjani's Digital Asset Network — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network"},{"credibility":2,"name":"US sanctions Iranian crypto exchange BitBank over alleged bitcoin transfers to IRGC — The Block","type":"news_article","url":"https://www.theblock.co/news/regulation/2026-09-17-us-sanctions-iranian-crypto-exchange-bitbank-alleged-bitcoin-transfers-to-irgc-415462"},{"credibility":2,"name":"BitBank faces U.S. sanctions over alleged IRGC Bitcoin transfers — Crypto.news","type":"news_article","url":"https://crypto.news/bitbank-faces-u-s-sanctions/"},{"credibility":2,"name":"US Authorities Announce Sanctions Against Iranian Crypto Exchange BitBank — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2026/09/311066-us-authorities-announce-sanctions-against-iranian-crypto-exchange-bitbank-over-alleged-bitcoin-btc-transfers-to-the-irgc/"},{"credibility":2,"name":"US sanctions Iranian crypto exchange and its software developer over alleged IRGC Bitcoin transfers — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/us-sanctions-iranian-crypto-exchange-and-its-software-developer-over-alleged-irgc-bitcoin-transfers/"},{"credibility":2,"name":"Can Iran Still Fund the IRGC With Crypto? Treasury Just Sanctioned Another Exchange — BeInCrypto","type":"news_article","url":"https://beincrypto.com/treasury-sanctions-bitbank-iran-crypto/"},{"credibility":2,"name":"US Sanctions Family of Iranian Tycoon in Crackdown on Alleged IRGC Crypto Network — OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/us-sanctions-family-of-iranian-tycoon-in-crackdown-on-alleged-irgc-crypto-network"},{"credibility":2,"name":"UK to Dissolve Crypto Exchange Accused of Funding Iran's Revolutionary Guard — OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/uk-to-dissolve-crypto-exchange-accused-of-funding-irans-revolutionary-guard"},{"credibility":2,"name":"Iranian Oil Tycoon's Death Sentence Commuted To 20 Years — Iran International","type":"news_article","url":"https://www.iranintl.com/en/202404308410"},{"credibility":2,"name":"U.S. widens Iran crackdown to encompass crypto, gold, shipping and technology — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/08/25/u-s-widens-iran-crackdown-to-encompass-crypto-gold-shipping-and-technology"},{"credibility":2,"name":"US Blacklists Iranian BitBank Exchange: Key Compliance Takeaways — Crypto News Flash","type":"news_article","url":"https://www.crypto-news-flash.com/us-blacklists-iranian-bitbank-exchange-key-compliance-takeaways/"},{"credibility":2,"name":"US Sanctions Bitcoin Exchange for Handling Iran's Hormuz Transit Fees — Maritime Executive","type":"news_article","url":"https://maritime-executive.com/article/us-sanctions-bitcoin-exchange-for-handling-iran-s-hormuz-transit-fees"},{"credibility":2,"name":"Operation Economic Outcast Disrupts Digital Asset Exchange Enabling Iranian Regime — Eurasia Review","type":"news_article","url":"https://www.eurasiareview.com/18092026-operation-economic-outcast-disrupts-digital-asset-exchange-enabling-iranian-regime/"},{"credibility":2,"name":"Treasury Expands Sanctions Against Babak Zanjani's Network — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/treasury-expands-sanctions-against-babak-zanjanis-network-targeting-the-commercial-ecosystem-behind-zedcex"}],"summary":"BitBank, also known as BitBank3 and operating at bitbank3.com, is an Iranian digital asset exchange designated by the U.S. Treasury's Office of Foreign Assets Control (OFAC) on September 17, 2026. According to OFAC, the exchange is a priority digital asset venture controlled by sanctioned Iranian financier Babak Zanjani, and was used between June and July 2026 to transfer hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps (IRGC). The designation is part of Operation Economic Outcast, a broader U.S. government campaign to sever financial channels used by the Iranian regime.","timeline":[{"date":"2016-03-01","event":"Babak Zanjani sentenced to death by Iranian courts for embezzling from the National Iranian Oil Company (NIOC).","source":"Iran International","source_url":"https://www.iranintl.com/en/202404308410"},{"date":"2024-04-30","event":"Zanjani's death sentence commuted to 20 years in prison, reportedly following repatriation of approximately $2.1 billion in assets.","source":"Iran International","source_url":"https://www.iranintl.com/en/202404308410"},{"date":"2025-04-01","event":"DotOne Rail Company, a Zanjani-controlled entity, reportedly secured an $800 million rail contract with Iran Railways, signaling Zanjani's public re-emergence as a regime-linked economic actor.","source":"U.S. Department of the Treasury (sb0576)","source_url":"https://home.treasury.gov/news/press-releases/sb0576"},{"date":"2026-01-30","event":"OFAC designates Babak Zanjani and UK-registered exchanges Zedcex and Zedxion, accusing him of money laundering for the IRGC.","source":"U.S. Department of the Treasury (sb0375)","source_url":"https://home.treasury.gov/news/press-releases/sb0375"},{"date":"2026-06-01","event":"According to OFAC, Hormuz Safe Marine Services Authority begins using BitBank to transfer maritime toll payments to the Iranian regime. Zanjani also allegedly begins using BitBank to move Bitcoin to the IRGC.","source":"TRM Labs / OFAC designation (September 17, 2026)","source_url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-bitbank-expanding-action-against-babak-zanjanis-digital-asset-network"},{"date":"2026-07-24","event":"OFAC designates Dot One Value Creation Group and nine associated entities, including Zedpay, Zedx DMCC, BZ Diamond, and multiple DotOne subsidiaries, as part of Operation Economic Outcast.","source":"U.S. Department of the Treasury (sb0576)","source_url":"https://home.treasury.gov/news/press-releases/sb0576"},{"date":"2026-07-29","event":"OFAC designates Hormuz Safe Marine Services Authority for operating an IRGC-backed Bitcoin-payment extortion scheme on Strait of Hormuz shipping lanes.","source":"U.S. Department of the Treasury (sb0581)","source_url":"https://home.treasury.gov/news/press-releases/sb0581"},{"date":"2026-08-24","event":"Treasury Secretary Bessent announces Operation Economic Outcast ('Economic D-Day'), a whole-of-government campaign targeting Iran's financial channels across five sectors including digital assets. OFAC issues a digital-asset sectoral determination enabling designation of any operator in Iran's crypto sector.","source":"U.S. Department of the Treasury (sb0613)","source_url":"https://home.treasury.gov/news/press-releases/sb0613"},{"date":"2026-09-17","event":"OFAC designates BitBank (also known as BitBank3), Pishtaz Simorgh Electronic Trade Company, Mohammad Mahdi Zaker Hossein, Seyed Adel Heidari, and Hossein Ali Zaker Hossein under Executive Order 13902 as part of Operation Economic Outcast.","source":"U.S. Department of the Treasury / GlobalSecurity.org","source_url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/09/iran-260917-treasury01.htm"}]},"v":1}

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