The U.S. Treasury Department strikes a new blow against Iranian crypto exchanges: Shelbit and Aban Tether under sanctions
On Friday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against two Iranian cryptocurrency exchanges — Shelbit and Aban Tether — as well as network operator Siavash Keyvanpour. This is another step in Washington's systematic campaign to isolate Iranian crypto infrastructure, which has already faced repeated restrictions this year.
Transfer scheme through Shelbit and links to the IRGC
According to my analysis, the identified financial flows indicate the exchange's direct involvement in serving the interests of the Islamic Revolutionary Guard Corps (IRGC). Addresses linked to the IRGC transferred over $1 million to Shelbit, while more than $2 million returned to the Corps' wallets. This dynamic suggests the platform was used not only for transit but also for returning funds, which is typical of money laundering schemes.
Keyvanpour, who managed Shelbit from Georgia, created shell companies in Poland and the UAE. His wallets also sent over $2 million to Nobitex — Iran's largest exchange, blocked by OFAC back in June. Additionally, Shelbit processed tens of millions of dollars for a gambling network. Journalists previously reported that the exchange transferred $676 million to Binance, underscoring the scale of its operations.
Aban Tether and escalating pressure
Aban Tether, in turn, processed payments worth millions of dollars through previously blocked services such as Nobitex, Wallex, Bitpin, and Ramzinex. The Treasury cites Executive Order 13902, targeting Iran's financial sector. U.S. Treasury Secretary Scott Bessent stated: "With dollars, rials, or cryptocurrency — the department will crack down on any shadow financial networks."
This pressure is a direct continuation of NSPM-2 (National Security Presidential Memorandum 2), aimed at "maximum pressure" on Tehran. Stablecoin issuers have repeatedly frozen Iranian wallets shortly after they were added to sanctions lists, making such measures particularly effective.
From my expert perspective: these actions confirm that cryptocurrencies are no longer a "gray area" for regulators. For market participants, this is a signal — any operations with sanctioned jurisdictions carry enormous risks, including the instant freezing of assets on centralized platforms. Iranian infrastructure is going deeper underground, but the U.S. is clearly determined to pursue it even through third countries.