U.S. Treasury Department sanctions two Iranian cryptocurrency exchanges for evading sanctions

The U.S. Treasury Department imposes new sanctions on two Iranian cryptocurrency exchanges

The U.S. Treasury Department has imposed new sanctions on two Iranian cryptocurrency exchanges, targeting Shelbit and Aban Tether, accusing them of allegedly assisting in money laundering and facilitating sanctioned individuals to circumvent U.S. restrictions. The Office of Foreign Assets Control (OFAC), which is responsible for enforcing the measures, accuses the two exchanges of helping Iranian networks move digital assets outside the scope of U.S. financial regulation.

Allegations against Shelbit and Aban Tether

OFAC stated that Shelbit and Aban Tether were involved in cryptocurrency transfers related to the evasion of sanctions by Iranian entities. In addition to these two exchanges, Iranian citizen Siavash Kayvanpour, several affiliated companies and a number of cryptocurrency wallets have also been included on the sanctions list. Authorities listed Shelbit as one of Kayvanpour's business interests and reported that the exchange was directly involved in transferring digital assets from wallets associated with Iranian entities and the Islamic Revolutionary Guard Corps (IRGC).

OFAC pointed out that cryptocurrency transactions associated with addresses controlled by sanctioned persons amount to millions of dollars. According to the U.S. Treasury Department, wallets owned by IRGC transferred more than $1 million in cryptocurrency to wallets related to Shelbit. In addition, Wallet controlled by Kayvanpour transferred nearly $2 million in digital assets to another Iranian exchange, Nobitex.

"We are cracking down on illegal financial networks in the form of dollars, rials or cryptocurrencies that support the Iranian regime," said U.S. Treasury Secretary Scott Bessant.

U.S. officials have emphasized that cryptocurrency transactions are a key area of financial enforcement, especially because digital assets provide entities with a new channel to transfer funds anonymously and circumvent traditional banking restrictions.

Shelbit is accused of facilitating the transfer of approximately $2 million in cryptocurrency to wallets linked to IRGC, which the United States considers one of the main military organizations.

Amount transferred by relevant entities and wallets and recipients

IRGC Wallet: More than US$1 million, the recipient is Shelbit Wallet;Kayvanpour Wallet: nearly US$2 million, the recipient is Nobitex;Shelbit: approximately US$2 million, the recipient is IRGC Wallet.

Wider U.S. action against Iran's cryptocurrency activities

The latest sanctions are a continuation of the U.S. Treasury Department's actions to cut off Iran's access to global financial networks. The crackdown covers both traditional financial sectors and new digital asset channels, reflecting the growing concerns of the United States about using cryptocurrencies to circumvent sanctions.

Earlier this year, the U.S. Treasury Department sanctioned two cryptocurrency platforms, Zedcex and Zedxio, and in June froze $131 million in cryptocurrency related to Iranian activities. Shelbit, Aban Tether and Kayvanpour belong to a larger group of exchanges, wallets and entities suspected of allowing sanctioned Iranians to do business.

The U.S. Treasury Department claims the measures are part of a broader U.S. strategy to crack down on illegal financial activity and limit Iran's ability to move funds around the world. Regulatory scrutiny in the cryptocurrency industry continues to increase, and exchanges operating in sanctioned jurisdictions must now closely monitor transactions and prevent sanctioned entities from using their services.

U.S. authorities say undermining the financial infrastructure that supports Iranian groups remains a top priority. Cryptocurrency transactions and blockchain transparency are being used as tools to identify and disrupt networks involved in sanctions evasion.

U.S. officials have emphasized that targeting digital asset transfers is the key to curbing Iran's financial operations and preventing entities such as IRGC from entering global markets.

The measures against Shelbit, Aban Tether and their associated networks reflect ongoing tensions between Washington and Tehran and highlight the growing attention cryptocurrencies are receiving in global sanctions enforcement efforts.