The US Treasury has widened its crackdown on Iran’s crypto-based sanctions evasion, designating two digital asset exchanges it says helped launder billions of dollars to fund Iran’s Islamic Revolutionary Guard Corps (IRGC).
🎯 Who Got Sanctioned
| Entity | Details |
|---|---|
| Shelbit Exchange | UAE-based (Shelbit General Trading LLC), also operating as Shelbit Technologies (Poland) and related entities |
| Aban Tether | Iran-based exchange, processed assets through Nobitex, Wallex, Bitpin, and Ramzinex |
| Siavash Kayvanpour | Individual sanctioned as the operator behind the Shelbit network; holds Dominica and Afghanistan citizenship, operated from Georgia and the UAE |
📜 What the Treasury Alleges
According to the Treasury’s Office of Foreign Assets Control (OFAC), Iranian actors exploited unlicensed or lightly regulated digital asset exchange platforms to move large volumes of crypto through sprawling corporate networks — including, notably, laundering tens of millions of dollars through a Persian-language online gambling operation run by two Iranian influencers living outside the country. The UAE’s Virtual Assets Regulatory Authority (VARA) had already taken enforcement action against Shelbit twice — in January 2025 and again in July 2026 — but the exchange reportedly remained in business until this latest US action.
Treasury officials also traced more than $3 million in direct transfers between Shelbit and wallets linked to the IRGC.
💬 The Official Statement
“The Iranian regime’s reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working,” said Treasury Secretary Scott Bessent. “We will continue to increase the economic pressure. Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.”
🔍 Part of a Bigger Pattern
This action extends a sustained 2026 crackdown that has already targeted Iranian exchange Nobitex and other crypto wallets linked to Iran’s central bank, plus earlier sanctions in January against exchanges Zedcex and Zedxion. The timing also follows Iranian attacks on commercial vessels in the Strait of Hormuz this week, which State Department officials cited as part of the broader context for the move.
🌐 Why This Matters for Crypto Markets
Sanctions actions like this reinforce a core tension in crypto: blockchains offer sanctioned actors a route to move funds outside traditional banking, but transactions also leave a permanent, traceable public record that analytics firms like Chainalysis and Galaxy Research can follow — often more effectively than tracing funds through informal banking networks. Exchanges and stablecoin issuers operating internationally will likely face increased compliance pressure to screen for wallets connected to sanctioned Iranian networks.
📅 What to Watch
The State Department is offering up to $15 million for information disrupting Iran’s military financial networks, suggesting further enforcement actions — potentially against other exchanges — could follow.
Disclaimer: This article reports on regulatory and sanctions developments and is for informational purposes only. It does not constitute legal, compliance, or investment advice. Businesses should consult qualified sanctions compliance counsel regarding their own obligations.
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