US Sanctions Two Exchanges Linked to Iranian Regime's Cryptocurrency Activity

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on two digital asset exchanges allegedly used by the Iranian regime to launder billions of dollars and support the Islamic Revolutionary Guard Corps (IRGC).

The targeted exchanges, Shelbit Exchange and Aban Tether, were accused of facilitating illicit cryptocurrency activity and sanctions evasion. According to OFAC, Iranian actors exploited unlicensed or lightly regulated digital currency exchange platforms to transfer large volumes of digital assets.

The Treasury also designated Siavash Kayvanpour, an Iran-born individual who operates a multinational network of companies involved in illicit digital currency activity. Kayvanpour's company, SHPS Shelbit (Shelbit), owns and operates the Shelbit Exchange. The Treasury said digital currency addresses linked to the IRGC sent over $1 million in digital assets to Shelbit Exchange addresses.

The sanctions also targeted UAE-based firms Shelbit General Trading LLC and Crypto Home DMCC, which were accused of being owned or controlled by Kayvanpour. Aban Tether was designated for operating in the financial sector of the Iranian economy.