The US Treasury Department has imposed new sanctions on two cryptocurrency exchanges in Iran, targeting Shelbit and Aban Tether for allegedly facilitating money laundering and enabling sanctioned individuals to bypass US restrictions. The Office of Foreign Assets Control (OFAC), which oversees the enforcement of these measures, accused the exchanges of aiding Iranian networks in moving digital assets beyond the reach of US financial oversight.
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AAPLAllegations Against Shelbit and Aban Tether
OFAC stated that Shelbit and Aban Tether were involved in the transfer of cryptocurrency related to sanction evasion by Iranian entities. Along with the two exchanges, Iranian national Siavash Kayvanpour, several related firms, and a group of crypto wallets were also added to the sanctions list. Authorities identified Shelbit as one of Kayvanpour’s business interests, reporting that the exchange played a direct role in shifting digital assets from wallets linked to Iranian entities and the Islamic Revolutionary Guard Corps (IRGC).
OFAC pointed to millions of dollars in crypto transactions associated with addresses controlled by sanctioned individuals. According to the US Treasury, IRGC-owned wallets transferred more than $1 million in cryptocurrency to wallets tied to Shelbit. Additionally, wallets under Kayvanpour’s control sent nearly $2 million in digital assets to Nobitex, another Iranian exchange.
“We are going after illicit financial networks in dollars, rials or cryptocurrencies that sustain the Iranian regime,” the Secretary of the Treasury, Scott Bessent, affirmed.
US officials have underscored that cryptocurrency transactions represent a key area for enforcing financial law, particularly as digital assets create new channels for entities to move funds anonymously and sidestep conventional banking restrictions.
Shelbit is accused of facilitating approximately $2 million in cryptocurrency transfers to wallets associated with the IRGC, which the US designates as one of Iran’s main military organizations.
Mini dictionary: Office of Foreign Assets Control (OFAC): A division of the US Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals.
| Entity/Wallet | Amount Transferred | Recipient |
|---|---|---|
| IRGC Wallets | $1 million+ | Shelbit Wallets |
| Kayvanpour’s Wallets | Nearly $2 million | Nobitex |
| Shelbit | Approximately $2 million | IRGC Wallets |
Broader US Campaign Against Iran’s Crypto Activities
The latest restrictions mark a continuation of the US Treasury’s campaign to cut off Iran’s access to global financial networks. The crackdown has focused on both traditional finance and newer digital asset channels, reflecting growing US concern over the use of cryptocurrencies to evade sanctions.
Earlier this year, the Treasury sanctioned two crypto platforms, Zedcex and Zedxio, while authorities froze $131 million in cryptocurrency related to Iranian activity in June. Shelbit, Aban Tether, and Kayvanpour are part of a wider group of exchanges, wallets, and entities suspected of allowing sanctioned Iranians to operate.”
The Treasury has asserted that these steps form part of a larger US strategy aimed at shutting down illicit finance and limiting Iran’s ability to move funds worldwide. Regulatory scrutiny has increased across the crypto industry, where exchanges operating in sanctioned jurisdictions are now required to closely monitor transactions and prevent entities under sanction from accessing their services.
US authorities have indicated that disrupting the financial infrastructure supporting Iranian organizations remains a top priority. Crypto transactions and blockchain transparency are being leveraged as tools to identify and dismantle networks involved in sanctions evasion.
US officials emphasize that targeting digital asset transfers is critical to containing Iran’s financial operations and preventing entities like the IRGC from accessing global markets.
The measures against Shelbit, Aban Tether, and their associated networks reflect ongoing tensions between Washington and Tehran, highlighting the increasing attention placed on cryptocurrencies in global sanction enforcement efforts.
