Summary
The U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned two crypto exchanges — Shelbit Exchange and Iran-based Aban Tether — for allegedly helping Iran move money outside the traditional banking system, widening Washington's campaign against digital asset networks funding the Islamic Revolutionary Guard Corps (IRGC). The agency also sanctioned Siavash Kayvanpour and several companies tied to him in Georgia, Poland, and the UAE. The action extends a 2026 crackdown that has targeted Nobitex, other Iranian exchanges, and crypto wallets linked to Iran's central bank, coming amid the U.S.-Iran war.
Key Facts
- OFAC targeted Shelbit Exchange and Iran-based Aban Tether (Friday press release)
- Also sanctioned Siavash Kayvanpour and companies in Georgia, Poland, UAE
- IRGC-linked wallets sent >$1M in crypto to Shelbit; >$2M flowed from Shelbit to IRGC wallets
- Kayvanpour-controlled wallets sent >$2M to Nobitex, Iran's largest exchange
- Aban Tether processed millions in transactions involving Nobitex, Wallex, Bitpin, Ramzinex
- OFAC also sanctioned a network of FX houses, shell companies, individuals helping Iran's shadow banking system move hundreds of millions
- Treasury Secretary Scott Bessent: "Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat"
- January: Treasury sanctioned Zedcex and Zedxion (first Iran-specific crypto exchange sanctions)
- June: Treasury blacklisted Nobitex and other Iranian exchanges
- July: U.S. sanctioned four Iran central bank crypto wallets; Tether froze ~$131M held in them
- Aban Tether appears unrelated to stablecoin issuer Tether (CoinDesk reached out to confirm)
Why It Matters
The sanctions underscore how crypto has become a central front in the U.S.-Iran conflict. As banks cut off sanctioned entities, cryptocurrencies offer an alternative route to move funds — but blockchain transactions leave a public trail that investigators and analytics firms can follow. The expanding campaign puts pressure on exchanges and stablecoin issuers to identify Iranian-linked funds and block sanctioned entities from moving them. For the broader crypto industry, the action reinforces that compliance with sanctions is non-negotiable: exchanges and stablecoin issuers that fail to screen for sanctioned entities risk enforcement action, while those that cooperate (like Tether freezing $131M) demonstrate the value of on-chain transparency.