Treasury Sanctions Two More Iran-Linked Crypto Exchanges as 'Economic Fury' Campaign Continues
The US Treasury's Office of Foreign Assets Control has sanctioned two more Iran-linked cryptocurrency exchanges as part of its ongoing campaign to disrupt the country's illicit economy. Shelbit and Aban Tether were blacklisted on August 7 for allegedly moving funds for Iran's Islamic Revolutionary Guard Corps (IRGC).
According to OFAC, Shelbit is a significant player in Iran's crypto market, with over $6.3 billion in flows traced through the exchange between May 2024 and March 2026 by blockchain analytics firm TRM Labs. The Treasury described Shelbit as a settlement layer for Iran's illicit economy, rather than evidence of a single large transfer.
OFAC also designated Siavash Kayvanpour, the operator of Shelbit, personally, along with companies he controls in Georgia, Poland, and the UAE. Kayvanpour's wallets sent over $2 million to Nobitex, Iran's largest exchange, which is already under sanction since June.
Aban Tether, based inside Iran, was designated for processing transactions with Nobitex and other previously sanctioned Iranian platforms. Treasury Secretary Scott Bessent framed the action as evidence that the broader pressure campaign is having an impact: 'Economic Fury is working.'