US Sanctions Crypto Exchanges Aban Tether and Shelbit for Iran-Linked Money Flows

The US Treasury Department's Office of Foreign Assets Control (OFAC) has designated two crypto exchanges, Aban Tether and Shelbit General Trading, for their involvement in Iran-linked money flows. The designation is part of ongoing efforts to combat the financing of terrorism and support sanctions against Iran.

Aban Tether, an Iranian-based exchange, was tied to transactions with designated Iranian exchanges, including Nobitex. OFAC said Aban Tether processed millions of dollars in transactions involving these exchanges, but did not directly fund the IRGC (Islamic Revolutionary Guard Corps).

Shelbit General Trading, on the other hand, was accused of receiving more than $1 million in digital assets from the IRGC and sending over $2 million to IRGC addresses. The exchange was also linked to a Persian-language gambling network that laundered tens of millions of dollars in digital assets.

OFAC's designation blocks covered property and prohibits US persons from transacting with these entities, unless authorized or exempted by OFAC. This move highlights the importance of proper licensing and compliance for crypto exchanges operating globally.