The US Treasury has imposed sanctions on two Iranian cryptocurrency exchanges, Shelbit and Aban Tether, alleging that they helped the Islamic Revolutionary Guard Corps bypass restrictions and move digital assets. The action was announced by the Office of Foreign Assets Control, which said the platforms were used to process crypto transactions tied to sanctioned Iranian entities and networks.
OFAC also designated Siavash Kayvanpour, identified as the founder of Shelbit, along with related companies. The move extends Washington’s wider effort to cut off Iran’s access to international financial channels, including the use of cryptocurrencies.
Allegations against Shelbit
According to the Treasury, Shelbit processed more than $1 million in cryptocurrency and withdrew more than $2 million from wallets linked to the IRGC. OFAC said the exchange and its associated network were used to move digital assets in ways intended to evade sanctions and support the IRGC and other terrorist groups.
US authorities also said Shelbit’s network transferred more than $2 million to Iranian exchange Nobitex, which had already been added to the sanctions list. In the same action, OFAC sanctioned Kayvanpour and companies tied to him as part of what it described as the Shelbit network.
Aban Tether and links to sanctioned platforms
Aban Tether was blacklisted on similar grounds. OFAC said the exchange facilitated millions of dollars in transactions involving Nobitex and other already sanctioned Iranian platforms.
The Treasury did not present the case as limited to a single exchange. Instead, it described a broader set of financial channels that allegedly allowed sanctioned actors in Iran to keep moving funds through digital asset services.
Broader network claims and reported transaction volumes
Beyond the sanctions notice itself, OFAC linked Shelbit to a network of more than 2,000 gambling websites and said the activity involved tens of millions of dollars in transactions. Those claims point to a much wider ecosystem than the exchange’s direct crypto processing figures alone.
Reuters separately reported that Shelbit moved at least $4 billion over a two-year period through channels that included Iranian gambling sites, the central bank and the IRGC. The report said part of that flow passed through Binance, although Binance denied that accounts on its platform were controlled by Shelbit.
Part of a wider US pressure campaign
The new designations add to previous US actions targeting Iran’s crypto and financial infrastructure. Earlier measures had already hit Nobitex, Zedcex, Zedxion and wallets linked to Iran’s central bank.
Treasury’s latest step shows that US authorities are continuing to monitor and filter crypto transactions connected to Iran while expanding sanctions enforcement beyond traditional banking channels. The immediate confirmed development is that Shelbit, Aban Tether and Kayvanpour have now been added to the US sanctions framework alongside other previously designated Iranian platforms.
Source: Cryptopolitan