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US sanctions Shelbit, Aban Tether over Iran-linked crypto flows
U.S. sanctions crypto exchanges Shelbit and Aban Tether over Iran-linked funds; Treasury says IRGC sent over $1M to Shelbit, Kayvanpour-linked wallets sent $2M to Nobitex.
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U.S. authorities sanctioned crypto exchanges Shelbit and Aban Tether after alleging that the platforms helped Iran evade restrictions and move funds connected to the Islamic Revolutionary Guard Corps.
The U.S. Treasury Department’s Office of Foreign Assets Control announced the sanctions on Aug. 7 as part of Washington’s effort to disrupt Iran’s access to international financial markets.
OFAC accused Shelbit and Aban Tether of facilitating illicit cryptocurrency transactions and sanctions evasion. The agency said the Iranian government relied on exchanges with limited or no regulatory oversight to move digital assets through corporate networks and an online gambling operation.
The sanctions also cover Iranian national Siavash Kayvanpour and companies tied to him in Georgia, Poland and the United Arab Emirates. Treasury described Kayvanpour as the operator of a network of front companies connected to Shelbit.
IRGC-linked addresses sent more than $1 million in crypto to Shelbit, according to Treasury. Shelbit-linked wallets allegedly transferred more than $2 million to addresses controlled by the IRGC.
Wallets owned or controlled by Kayvanpour also sent over $2 million to Nobitex, Iran’s largest cryptocurrency exchange, Treasury said.
“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat,” Treasury Secretary Scott Bessent said.
OFAC separately accused Iran-based Aban Tether of processing millions of dollars in transactions involving entities already under U.S. sanctions. Those entities included Nobitex, Wallex, Bitpin and Ramzinex. The four Iranian exchanges were sanctioned by the U.S. Treasury in June after officials accused them of helping restricted entities access digital asset markets.
Chainalysis estimated that Nobitex accounts for roughly half of Iran’s cryptocurrency trading activity. The exchange has denied having a direct relationship or contractual arrangement with the IRGC, Iran’s central bank or other government bodies.