US Sanctions Two Iranian Crypto Exchanges Amid 'Economic Fury' Campaign

The US Treasury Department has sanctioned two Iranian crypto exchanges, Shelbit and Aban Tether, as part of its 'Economic Fury' campaign against the country's financial networks.

According to the Treasury's Office of Foreign Assets Control (OFAC), Shelbit was used to move large volumes of crypto, evade sanctions, and support the Revolutionary Guard Corps and other groups designated by the US as terrorist organizations.

The OFAC alleged that wallets belonging to the IRGC sent more than $1 million in crypto to Shelbit and received over $2 million from the exchange. Other wallets tied to Shelbit operator Siavash Kayvanpour also allegedly transferred more than $2 million to Nobitex, Iran's largest crypto exchange.

The Treasury Department said that Shelbit serviced a network of over 2,000 gambling websites promoted by Iranian influencers, which it alleges laundered tens of millions of dollars. The fresh wave of sanctions comes after Reuters published an investigation that found Shelbit had processed at least $4 billion over the past two years.