Shelbit and Aban Tether Sanctioned: OFAC Freezes Assets for Laundering Billions

The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned Dubai-based Shelbit Exchange and Tehran-based Aban Tether on August 7, 2026, as conduits for Iran's Islamic Revolutionary Guard Corps. This action freezes U.S.-reachable assets belonging to the two exchanges.

Shelbit had been operating since May 2024 and was previously fined by Dubai's VARA in 2025 for unlicensed activity. However, the fine did not stop Shelbit from continuing its operations, with over $540 million of its linked funds moving to Binance after the fine was issued.

TRM Labs found that Shelbit's traced volume reached $5.56 billion, with 88% of it moving as USDT on Tron. The investigation revealed a pattern of wallet rotation every one to four months, each handling $100-350 million before going dormant.