U.S. authorities sanctioned crypto exchanges Shelbit and Aban Tether after alleging that the platforms helped Iran evade restrictions and move funds connected to the Islamic Revolutionary Guard Corps.
Summary
- OFAC sanctioned Shelbit, Aban Tether and Siavash Kayvanpour over alleged sanctions evasion.
- IRGC-linked wallets allegedly sent more than $1 million in crypto to Shelbit addresses.
- Shelbit addresses reportedly transferred over $2 million to wallets controlled by the IRGC.
- Kayvanpour-linked wallets allegedly sent more than $2 million to sanctioned exchange Nobitex.
OFAC targets Shelbit and Aban Tether
The U.S. Treasury Department’s Office of Foreign Assets Control announced the sanctions on Aug. 7 as part of Washington’s effort to disrupt Iran’s access to international financial markets.
OFAC accused Shelbit and Aban Tether of facilitating illicit cryptocurrency transactions and sanctions evasion. The agency said the Iranian government relied on exchanges with limited or no regulatory oversight to move digital assets through corporate networks and an online gambling operation.
The sanctions also cover Iranian national Siavash Kayvanpour and companies tied to him in Georgia, Poland and the United Arab Emirates. Treasury described Kayvanpour as the operator of a network of front companies connected to Shelbit.
IRGC-linked addresses sent more than $1 million in crypto to Shelbit, according to Treasury. Shelbit-linked wallets allegedly transferred more than $2 million to addresses controlled by the IRGC.
Wallets owned or controlled by Kayvanpour also sent over $2 million to Nobitex, Iran’s largest cryptocurrency exchange, Treasury said.
“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat,” Treasury Secretary Scott Bessent said.
Aban Tether processed funds for sanctioned exchanges
OFAC separately accused Iran-based Aban Tether of processing millions of dollars in transactions involving entities already under U.S. sanctions.
Those entities included Nobitex, Wallex, Bitpin and Ramzinex. The four Iranian exchanges were sanctioned by the U.S. Treasury in June after officials accused them of helping restricted entities access digital asset markets.
Chainalysis estimated that Nobitex accounts for roughly half of Iran’s cryptocurrency trading activity. The exchange has denied having a direct relationship or contractual arrangement with the IRGC, Iran’s central bank or other government bodies.
Shelbit has also rejected claims that it knowingly participated in money laundering, terrorism financing or sanctions evasion. Its former management said the company stopped accepting new business in December 2025 and completed its customer wind-down in January.
The sanctions represent administrative designations rather than criminal convictions. However, they block property and interests in property belonging to designated parties when those assets enter U.S. jurisdiction.
US widens Iran crypto crackdown
The latest action expands a U.S. campaign targeting exchanges, wallet addresses and companies accused of helping Iran bypass restrictions during its military conflict with Washington.
In July, U.S. authorities froze $131 million in Iran-linked crypto held in wallets connected to the country’s central bank. That followed an April action in which Tether froze approximately $344 million in USDT across two Tron addresses linked by authorities to Iranian networks.
Bessent previously said the United States had seized or frozen nearly $1 billion in cryptocurrency connected to Iranian exchanges and wallets since the conflict began.
The use of centralized stablecoins gives authorities an enforcement tool that does not exist with assets such as Bitcoin. Issuers can block transfers from designated addresses, while transactions involving decentralized assets generally require control of the private keys.
What the sanctions mean for crypto firms
U.S. persons and companies are generally prohibited from providing funds, services or other economic benefits to the sanctioned exchanges and individuals. Entities owned at least 50% by one or more blocked parties are also covered, even when they are not named separately.
Foreign exchanges, stablecoin issuers and payment providers may also face secondary sanctions exposure if they knowingly process certain transactions involving the designated parties.
OFAC published several Bitcoin, Ethereum, Tron and Solana addresses as part of the action. Crypto companies will need to add those identifiers and the sanctioned entities to their transaction-screening systems as Washington continues tracing Iran-linked digital asset flows.
