BitBank

Background

BitBank is an Iranian digital assets exchange that was established in 2024. The venture was developed by Pishtaz Simorgh Electronic Trade Company, a subsidiary of OFAC-designated Dot One Value Creation Group. These entities, along with several others, are linked to Babak Zanjani and considered part of his sanctions evasion network.

Zanjani's enterprises have served as both covert financial platforms and commercial companies that are public-facing, allowing them to support institutions linked to the Iranian government and the circumvention of sanctions. OFAC described the network as a key component in Iran’s digital assets-based ⁠sanctions-evasion infrastructure and consider the operation to launder money on a massive scale. From June 2026 the exchange was used to transfer funds paid to Iran's Hormuz Safe Marine Services Authority, routing hundreds of millions of dollars’ worth of Bitcoin to the IRGC. The designation by the US Department of the Treasury is part of “Operation Economic Outcast”.

Further Details

• Known Alias: BitBank3
• Website: www.bitbank.com
• Website: www.bitbank.plus
• Website: www.bitbank3.com
• Website: www.bit3.ir
• Email: info@bitbank.info
• Tel: 09960511060
• Address: No. 2, 35th Street, Alvand Street, Argentina Square, Tehran and Between 1 and 2 Pirozi Blvrd, Mashad

Sanctions

BitBank is under the following sanctions:

• US Office of Foreign Assets Control (OFAC): Executive Order 13902