US Treasury Sanctions Two Iran-Linked Crypto Exchanges Over Money Laundering

The US Treasury Department’s Office of Foreign Assets Control has sanctioned two crypto exchanges accused of laundering millions in digital assets to support Iran’s Islamic Revolutionary Guard Corps.

Exchanges and Individual Targeted

OFAC announced Friday that it took action against crypto exchanges Shelbit and Aban Tether for facilitating illicit crypto activity and sanctions evasion tied to the IRGC. The agency also sanctioned Iranian national Siavash Kayvanpour, along with crypto wallets and companies connected to him, including one operating Shelbit. Treasury Secretary Scott Bessent said the department will continue increasing economic pressure, vowing to dismantle illicit financial networks regardless of currency, whether dollars, rials, or crypto.

Transaction Details

According to Treasury, IRGC controlled wallets sent more than $1 million in crypto to addresses linked to Shelbit, while wallets tied to Kayvanpour sent $2 million to Nobitex, an Iranian exchange sanctioned in June. Shelbit reportedly helped facilitate the transfer of $2 million in crypto to IRGC-controlled wallets, combining for roughly $5 million in flagged illicit activity.

Part of a Broader Crackdown

This action follows a pattern of escalating US measures against Iran’s finances amid ongoing military tensions. Treasury previously sanctioned exchanges Zedcex and Zedxio in January and froze $131 million in Iran-linked wallets in June.