The Treasury bragged on Sept. 17 that it could also sanction crypto “banks” in order to target Iran, carrying out its Operation Economic Outcast against entities having deadlines with Iran. The Treasury Department acted against a newly established “bank” called BitBank, which operates entirely in Bitcoin. However, the secondary sanction accompanying the Treasury’s “designation” of BitBank, did not include crypto wallet addresses, which is what entities facing secondary sanctions (for having aided BitBank in converting Bitcoin to dollars) would look for. Thus, its enforceability is in doubt.

Treasury otherwise announced it had targeted a bank in Turkiye, called Golden Global Yatirim Bankasi, accusing it of laundering funds for the IRGC. The Turkish government then immediately nationalized and took over 98.98% shareholder control of that bank. What happens to the bank next, remains to be seen.