US Treasury Sanctions Two Crypto Exchanges Over Iran IRGC Links

OFAC said Aban Tether processed millions of dollars in transactions involving sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex. In a separate action, the Treasury sanctioned a network of foreign exchange businesses, shell companies and individuals accused of supporting Iran's shadow banking system. Authorities said the network helped move hundreds of millions of dollars, including proceeds linked to Iranian oil sales.

The designations are part of a broader 2026 campaign. The Treasury blacklisted Zedcex and Zedxion in January, then Nobitex and other Iranian exchanges in June. In July, the U.S. sanctioned four crypto wallets tied to Iran's central bank, prompting Tether to freeze about $131 million in USDT.

For crypto exchanges and stablecoin issuers, the actions raise the compliance bar. Tether's freeze of $131 million in July set a precedent for how stablecoin companies can cooperate with sanctions enforcement. The sanctions add to the crypto market analysis focus on illicit finance. OFAC's designations freeze any assets the designated entities hold in the U.S. and generally prohibit U.S. persons from dealing with them.