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
- OFAC sanctioned Shelbit Exchange, Aban Tether and several companies linked to Shelbit operator Siavash Kayvanpour.
- IRGC-linked wallets sent more than $1 million to Shelbit, while more than $2 million moved from Shelbit addresses to IRGC-linked wallets.
- Kayvanpour-controlled addresses also transferred more than $2 million to previously sanctioned Iranian exchange Nobitex.
- Treasury said tens of millions of dollars from a Persian-language gambling network were laundered through Shelbit.
- The action expands U.S. pressure on Iranian crypto infrastructure under the “Economic Fury” campaign.
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.
