US Sanctions Shelbit Exchange, Aban Tether Over Alleged Support for Iran's $4B Crypto Scheme

The US Treasury's Office of Foreign Assets Control (OFAC) has widened its crackdown on Iran's crypto finance network by sanctioning two digital asset exchanges and an alleged ringleader behind a web of front companies.

The action targets the Dubai-based Shelbit Exchange, the Iran-based Aban Tether, and Iranian expatriate Siavash Kayvanpour, accused of moving funds for the Islamic Revolutionary Guard Corps (IRGC) and other regime-linked actors.

Treasury Secretary Scott Bessent said the department will continue to go after these networks in 'dollars, rials, or crypto,' adding that Washington intends to dismantle the financial pipelines keeping the Iranian regime afloat.