Us Sanctions Two More Iranian Crypto Exchanges Under ‘Economic Fury’ Campaign
The U.S. Treasury Department has sanctioned two Iranian cryptocurrency exchanges and several companies linked to their operator, accusing the network of helping move illicit funds for Iran’s Islamic Revolutionary Guard Corps and evade U.S. sanctions. The Office of Foreign Assets Control announced the designations on August 7, targeting Shelbit Exchange, Iran-based Aban Tether, Shelbit operator Siavash Kayvanpour and several companies connected to him. Treasury said the action forms part of the Trump administration’s broader “Economic Fury” campaign against Iranian financial networks. Key Takeaways Treasury Targets Shelbit and Its Wider Network Treasury’s investigation focused heavily on Shelbit and Kayvanpour’s network of companies operating across several jurisdictions. According to OFAC, cryptocurrency addresses linked to the IRGC transferred more than $1 million to Shelbit addresses, while more than $2 million moved in the opposite direction. Treasury also identified more than $2 million in transfers from addresses controlled by Kayvanpour to Nobitex, which the U.S. designated earlier this year. Treasury designated Kayvanpour under Executive Order 13224, alleging that he provided financial, material or technological support to the IRGC and Nobitex. The sanctions also extend beyond Shelbit itself. OFAC designated Shelbit General Trading LLC, which operates commercially as Shelbit Exchange, as well as Shelbit Technologies in Poland and Kayvanpour linked entities Crypto Home DMCC and NFT Home DMCC in the United Arab Emirates. The network had already attracted regulatory attention in the UAE. Treasury said the Virtual Assets Regulatory Authority took enforcement action against Shelbit General Trading in January 2025 and again in July 2026. Aban Tether Linked to Sanctioned Exchanges Aban Tether was separately added to the sanctions list. OFAC said the Iran-based exchange processed millions of dollars in transactions involving previously designated Iranian crypto platforms, including Nobitex, Wallex, Bitpin and Ramzinex. Treasury designated Aban Tether under Executive Order 13902 for operating in Iran’s financial sector. The designation shows that Washington’s enforcement is extending beyond individual transactions involving sanctioned entities to exchanges that provide financial infrastructure for those transactions. Gambling Network Added Another Layer Treasury also alleged that Shelbit processed cryptocurrency connected to a large Persian language online gambling network operated by two Iranian influencers living outside Iran. The agency said tens of millions of dollars in digital assets from the gambling network were laundered through Shelbit. According to Treasury, the operators had been convicted of illegal gambling in Iran in 2023, yet their websites continued accessing Iran’s regulated online payment infrastructure. The allegation illustrates the broader financial network Treasury says it is targeting. Rather than relying on a single exchange, Iranian actors allegedly moved funds through exchanges, companies and online businesses across multiple jurisdictions. ‘Economic Fury’ Puts Crypto Exchanges Under Pressure Treasury Secretary Scott Bessent said the latest action demonstrates that the administration’s pressure campaign is reaching Iran’s digital asset infrastructure. “Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.” The action was coordinated with IRS Criminal Investigation, while the State Department’s Rewards for Justice program continues to offer up to $15 million for information that disrupts the IRGC’s financial mechanisms. For cryptocurrency businesses, the sanctions reinforce the risks of processing transactions involving Iranian entities already subject to U.S. restrictions. OFAC said U.S. persons are generally prohibited from transactions involving the designated parties, while property and interests in property under U.S. jurisdiction are blocked. Conclusion The sanctions against Shelbit and Aban Tether mark another escalation in Washington’s campaign against Iranian crypto networks. By targeting exchanges, operators and related companies rather than individual wallets alone, OFAC is attempting to disrupt the infrastructure that allows sanctioned Iranian entities to move digital assets through international markets. The action also signals that Iranian crypto exchanges remain a major enforcement priority for the U.S. Treasury. As Washington continues its “Economic Fury” campaign, exchanges and other digital asset businesses connected to Iran’s sanctioned financial networks face increasing scrutiny and sanctions exposure.
Nigeria Sets Crypto Tax Collection Rules for Digital Asset Platforms
Nigeria has introduced detailed rules for taxing cryptocurrency and other virtual assets, placing exchanges and peer to peer platforms at the center of tax collection, reporting and remittance obligations. The Nigeria Revenue Service (NRS) outlined the requirements in its new Guidelines on Taxation of Virtual Assets, which set out how taxes should be collected on crypto disposals, staking, mining, airdrops, decentralized finance and fiat-to-crypto transactions. A notable provision requires income tax deducted at source and stamp duty to be remitted to the NRS in the originating token of the transaction, while value added tax must be paid in the currency used for the underlying transaction. Key Takeaways Exchanges Become Tax Collection Points The new framework gives virtual asset platforms a significant compliance role. Under the guidelines, platforms must withhold 1% of proceeds from taxable disposals involving crypto assets, security tokens and applicable non fungible tokens. The withheld amount is treated as an advance payment against the taxpayer’s eventual income tax liability. The rules also distinguish between ordinary asset disposals and income generated through blockchain activities. Staking, mining, airdrops and applicable decentralized finance transactions are subject to a 10% withholding rate under the framework. For conversions between cryptocurrency and fiat, the guidelines impose a 1.5% stamp duty on token-to-fiat and fiat-to-token transactions. This means platforms will need to identify the nature of each transaction before determining the appropriate tax treatment. Some Taxes Must Be Paid in Crypto One of the most significant operational requirements concerns how platforms remit taxes. The NRS says income tax deducted at source and stamp duty must be remitted in the originating token of the transaction. VAT follows a different rule and must be remitted in the currency used for the payment. For crypto exchanges and P2P marketplaces, the distinction could require significant changes to tax accounting and settlement systems. Platforms will need to track the asset involved in a transaction and maintain records that allow withheld amounts to be reconciled with customers’ final tax liabilities. Individuals remain subject to progressive personal income tax rates, while companies other than qualifying small companies face a 30% corporate income tax rate under the framework. Stablecoin sales are also exempt from the 1% withholding tax applicable to taxable disposals, although other tax obligations can still apply depending on the transaction. New Rules Build on Nigeria’s Wider Tax Reforms The virtual asset guidelines follow Nigeria’s broader tax reforms, which took effect on January 1, 2026. The Nigeria Tax Administration Act 2025 specifically requires virtual asset service providers involved in the exchange, custody or management of virtual assets to submit transaction information to the relevant tax authority. The required information includes details such as the type and value of assets involved, transaction dates, sales values and taxpayer identification information. The framework builds on Nigeria’s earlier decision to bring cryptocurrency gains into the tax system through the Finance Act 2023. The new rules provide more detailed procedures for determining how virtual asset transactions are taxed, reported and reconciled. Virtual Asset Council Coordinates Regulation The tax framework also forms part of a broader government effort to coordinate oversight of Nigeria’s digital asset sector. President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination in July 2026, establishing a Virtual Asset Council chaired by the Central Bank of Nigeria. The NRS and Securities and Exchange Commission serve as vice chairs, alongside the Nigerian Financial Intelligence Unit and Office of the National Security Adviser. The government said the council is intended to improve coordination between agencies without creating a new regulator or removing the existing statutory responsibilities of participating institutions. The executive order also called for the NRS to develop a tax policy for virtual assets. What the Rules Mean for Crypto Users The new framework shifts more of the compliance burden toward the platforms processing digital asset transactions. For users, that could mean greater reporting requirements and more visible tax deductions when conducting taxable transactions through exchanges and P2P marketplaces. Since withholding payments are treated as advances against final tax liabilities, taxpayers will also need accurate transaction records to reconcile amounts withheld with their eventual tax obligations. For exchanges, the requirements are more extensive. Platforms must classify transactions correctly, identify taxable activities, collect the appropriate amount and maintain records that can be reported to the tax authority. The framework therefore moves Nigeria’s crypto market further from an informal tax environment toward a system where digital asset platforms function as important compliance intermediaries. Conclusion Nigeria’s new virtual asset tax guidelines give exchanges and P2P marketplaces a central role in collecting and reporting cryptocurrency taxes. The framework establishes different treatment for crypto disposals, staking, mining, airdrops, DeFi activity and fiat conversions, while introducing the unusual requirement that some tax obligations be remitted in the originating digital asset. Combined with the 2025 tax legislation and the new Virtual Asset Council, the guidelines represent another major step toward formalizing Nigeria’s digital asset economy. The next stage will be how exchanges, P2P operators and taxpayers implement the requirements in practice and how the NRS enforces them across the market.