US Treasury Cracks Down on Crypto Exchanges Tied to Iran
The US Treasury Department has taken action against two cryptocurrency exchanges for allegedly laundering billions of dollars on behalf of Iran's Islamic Revolutionary Guard Corps (IRGC).
According to a statement from the Treasury's Office of Foreign Assets Control (OFAC), the exchanges, Shellbit and Aban Tether, served as channels for supplying cryptocurrency laundered through online gambling sites and other means to the IRGC.
The Treasury has designated these exchanges, along with several paper companies, as sanctions targets. This marks the eighth time this year that OFAC has taken action against Iran's 'shadow financial network', which includes cryptocurrency exchanges and money changers.
Treasury Secretary Scott Bessent emphasized that the Iranian regime's reliance on digital assets and shadow banking networks is a sign that their economic campaign, dubbed 'economic fury,' is working. The Treasury will continue to track down and dismantle illicit financial networks that prop up the Iranian regime.