US Sanctions Crypto Exchanges Linked to IRGC Financial Network
The US Treasury Department has added pressure to Iran's illicit financial networks by sanctioning a cluster of crypto exchanges, including Shelbit Exchange and affiliated companies. The action targets Siavash Kayvanpour, who allegedly facilitated between $1 million and $2 million in digital asset transfers routed to IRGC-linked wallet addresses.
The network behind the designations includes Aban Tether, another entity sanctioned alongside the Shelbit network. Together, these platforms allegedly served as financial plumbing for sanctioned actors who had already been cut off from the traditional banking system.
Nobitex, one of Iran's largest cryptocurrency exchanges, has been on OFAC's radar for years and was previously sanctioned. The Shelbit network apparently picked up where other channels left off, providing alternative on-ramps and off-ramps for sanctioned wallets.
The Treasury also referenced a $15 million bounty for information on IRGC financial systems through the State Department's Rewards for Justice initiative. This action is part of a broader pressure campaign against Tehran's revenue streams, which has seen over 100 vessels connected to Iran's shadow fleet sanctioned since January 2026.