# OFAC adds BitBank and its developer to Iran digital-asset sanctions

> OFAC added Iranian digital-asset exchange BitBank, its software developer Pishtaz Simorgh Electronic Trade Company, and three associated executives to the SDN List under Executive Order 13902.

- URL: https://riadefi.com/regulation/2026-08-07-ofac-iran-crypto-exchanges-wallet-designations/
- Posture: Agency order
- Authorities: U.S. Department of the Treasury, Office of Foreign Assets Control
- Event date: 2026-09-17
- Effective: 2026-09-17
- Version: 2, published 2026-09-18 (first published 2026-08-09)
- Advisor-relevant: yes

## What changed

OFAC added Iranian digital-asset exchange BitBank, its software developer Pishtaz Simorgh Electronic Trade Company, and three associated executives to the SDN List under Executive Order 13902. Treasury states that BitBank formed part of Babak Zanjani's digital-asset sanctions-evasion network and facilitated transfers of hundreds of millions of dollars in Bitcoin to the IRGC. U.S.-located property and interests in property of the blocked persons are blocked and reportable; entities owned 50 percent or more by blocked persons are also blocked, and transactions involving their property or interests are generally prohibited absent authorization or an exemption.

## Who it affects

- U.S. persons and firms screening digital-asset counterparties and transactions
- Digital-asset exchanges, wallet providers, custodians, brokers, and payment firms with exposure to BitBank or related parties
- Investment advisers supervising client digital-asset activity and sanctions controls
- Non-U.S. persons whose conduct could cause U.S. sanctions violations or involve designated persons

## What is still open

- Whether OFAC will identify additional wallet addresses or related entities connected with BitBank and the designated network
- How intermediaries will identify indirect ownership, control, or exposure involving newly blocked parties
- Whether OFAC will issue further guidance concerning Iranian digital-asset exchanges under FAQs 1250 and 1257

## What it means for an advisor

- Refresh sanctions screening for BitBank, Pishtaz Simorgh, the named individuals, aliases, and entities covered by OFAC's 50-percent rule
- Review client digital-asset holdings, transfers, counterparties, and service providers for direct or indirect exposure to the designated network
- Escalate potential matches, blocked property, rejected transactions, and reporting obligations through established sanctions procedures
- Update client communications and due-diligence records without implying that OFAC's factual allegations adjudicate criminal liability

## Previous interpretation

The ledger previously recorded OFAC's August 7, 2026 designations of Aban Tether Exchange, the Shelbit network, Crypto Home, NFT Home, related persons, and associated blockchain addresses; the September 17 action expands the same Iran digital-asset sanctions matter to BitBank, its developer, and additional associates.

## Sources

1. [Iran-related Designations; Cuba Designations; Belarus-related Designations Removals](https://ofac.treasury.gov/recent-actions/20260917) · U.S. Department of the Treasury, Office of Foreign Assets Control · 2026-09-17 · effective 2026-09-17
2. [Operation Economic Outcast Disrupts Digital Asset Exchange Enabling the Iranian Regime](https://home.treasury.gov/news/press-releases/sb0632/) · U.S. Department of the Treasury, Office of Foreign Assets Control · 2026-09-17 · effective 2026-09-17


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.