US Treasury Sanctions Two Iranian Crypto Exchanges Over IRGC Money Laundering

The US Treasury sanctioned two Iranian digital asset exchanges, Shelbit and Aban Tether, along with network operator Siavash Kayvanpour, over crypto transfers tied to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The Office of Foreign Assets Control (OFAC) issued the designations on Friday. The designations mark the latest US strike on Iran’s crypto rails this year.

How The Shelbit Network Moved Crypto

IRGC crypto addresses sent more than $1 million into the Shelbit Exchange. Over $2 million then flowed from Shelbit back to Guard wallets, according to OFAC.

Kayvanpour, an Iranian-born operator, ran Shelbit from Georgia and built front companies in Poland and the UAE. His wallets sent more than $2 million to Nobitex, Iran’s largest crypto exchange, which OFAC blocked in June.

OFAC also said Shelbit laundered tens of millions for a Persian-language gambling network. Reuters earlier reported that Shelbit routed $676 million to Binance.

Follow us on X to get the latest news as it happens

Aban Tether and The Iran Sanctions Campaign

Aban Tether, a separate Iran-based exchange, processed millions in transactions with previously blocked platforms Nobitex, Wallex, Bitpin, and Ramzinex. Treasury cited Executive Order 13902, which targets firms operating in Iran’s financial sector.

“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle illicit financial networks,” Scott Bessent, Treasury Secretary, said.

The move extends the US maximum pressure campaign on Iran, carried out under National Security Presidential Memorandum 2 (NSPM-2). Stablecoin issuers have moved fast on past listings, freezing Iranian wallets after the designation.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights

The post US Treasury Sanctions Two Iranian Crypto Exchanges Over IRGC Money Laundering appeared first on BeInCrypto.