The US Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed new sanctions on two digital asset exchanges, Shelbit and Aban Tether, citing their role in laundering billions of dollars for the Iranian government during ongoing military tensions.
New actions target digital asset exchanges
OFAC stated that these exchanges facilitated illicit cryptocurrency activities and enabled sanctions evasion for groups tied to Iran. The funds moved through these platforms reportedly supported the Islamic Revolutionary Guard Corps (IRGC), a powerful branch of Iran’s armed forces.
In addition to the two exchanges, the agency also imposed sanctions on Siavash Kayvanpour, an Iranian national, and on various crypto wallets and businesses associated with him. One of these entities is said to oversee operations at Shelbit.
OFAC highlighted that wallets controlled by the IRGC sent over $1 million in digital assets to Shelbit-linked addresses, while Kayvanpour’s wallets transferred $2 million to Nobitex, another Iranian exchange previously sanctioned in June.
In the same announcement, OFAC reported that Shelbit facilitated the transfer of $2 million worth of cryptocurrency to wallets under IRGC control.
Mini dictionary: OFAC is the US Office of Foreign Assets Control, a government agency tasked with administering and enforcing economic and trade sanctions based on US foreign policy and national security goals.
Broader strategy to disrupt Iran-linked financing
The US Treasury has launched a series of initiatives this year to disrupt the financial infrastructure supporting Iran. In January, OFAC had already sanctioned digital asset exchanges Zedcex and Zedxio. Most recently, in June, officials froze $131 million in cryptocurrency wallets related to Iran.
These moves reflect a continued effort to tighten control over suspected channels used to circumvent international restrictions in the digital asset sector.
| Entity | Action Taken | Date | Amount (if cited) |
|---|---|---|---|
| Shelbit | Sanctioned | July 2024 | $2 million in transfers |
| Aban Tether | Sanctioned | July 2024 | Not specified |
| Nobitex | Previously sanctioned | June 2024 | $2 million received |
| Zedcex, Zedxio | Sanctioned | January 2024 | Not specified |
| Iran-linked wallets | Frozen | June 2024 | $131 million |
Scott Bessent, the current Treasury Secretary, reiterated the agency’s commitment to undermining financial networks that sustain the Iranian regime. He stressed that enforcement would persist regardless of the currency involved, including dollars, rials, or cryptocurrencies.
Emphasizing the department’s stance, Bessent stated that the Treasury “will hunt down and dismantle the illicit financial networks that keep the regime afloat.”
Increasing scrutiny amid ongoing conflict
OFAC’s latest measures come as part of the US response to heightened military activities and financial maneuvering between Washington and Tehran. The continuing scrutiny on Iranian digital asset activity follows reports from analytics firms highlighting large-scale crypto flows through platforms allegedly linked to Iran.
These ongoing enforcement actions underscore Washington’s broader policy of targeting cryptocurrency infrastructure believed to support groups and states subject to existing US sanctions.
