US Sanctions Shelbit, Aban Tether Over Iran Ties

The Treasury linked several companies to Kayvanpour: SHPS Shelbit in Georgia, Shelbit General Trading in the UAE, Shelbit Technologies in Poland, and Crypto Home DMCC and NFT Home DMCC in Dubai. The UAE regulator VARA had already taken measures against Shelbit General Trading in January 2025 and July 2026, but the activity continued, OFAC said.

The new sanctions expand a broader campaign. In May, Treasury Secretary Scott Bessent said the United States had recovered $1 billion in crypto linked to Iran. The State Department is offering up to $15 million for information that can disrupt the IRGC's financial mechanisms.

Being listed on OFAC's sanctions list has immediate effects. Properties and interests held in the United States, or controlled by Americans, must be blocked and reported. The rule extends to entities owned 50% or more, directly or indirectly, by a sanctioned person. Restrictions also apply to foreign financial institutions and companies that conduct certain operations with designated persons. OFAC can impose civil penalties based on strict liability, without proving intent to circumvent rules.

For crypto exchanges, the risk is exposure to sanctioned addresses. Transfers on a public blockchain leave traces, but identifying beneficial owners depends on internal controls, customer data, and cooperation between authorities. A platform that maintains relationships with a sanctioned address or company can lose access to banking partners and the U.S. market, the Treasury has warned. The State Department's $15 million reward underscores the priority given to tracking these networks.