US Sanctions Cryptocurrency Exchanges Linked to Iran
The US Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned two cryptocurrency exchanges, Shelbit and Aban Tether, as part of its 'Economic Fury' campaign against financial networks connected to Iran.
The sanctions target Shelbit Exchange and Iran-based Aban Tether, along with Shelbit operator Siavash Kayvanpour and several companies he controls in Georgia, Poland, and the UAE.
OFAC alleged that the exchanges were used to move cryptocurrency, evade sanctions, and support the Islamic Revolutionary Guard Corps (IRGC) and other entities subject to US sanctions. The agency said IRGC-linked wallets sent more than $1 million in cryptocurrency to Shelbit addresses and received more than $2 million from the exchange.
The Treasury Department also alleged that Aban Tether processed millions of dollars in transactions involving sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex. The agency said at least $676 million was transferred from wallets associated with Shelbit to Binance over a two-year period.