US Treasury Sanctions Two Iranian Crypto Exchanges for IRGC Money Laundering

The US Treasury's Office of Foreign Assets Control (OFAC) has added two Iranian crypto exchanges, Shelbit and Aban Tether, to its sanctions list. The department claims they laundered funds for Iran's Islamic Revolutionary Guard Corps (IRGC).

According to the OFAC, over $1 million in digital assets from IRGC addresses were sent to Shelbit, with more than $2 million sent back. Additionally, around $2 million from addresses controlled by Siavash Kaivanpour, an Iranian native and operator of Shelbit, were transferred to the sanctioned Iranian exchange Nobitex.

The sanctions are part of the 'Economic Fury' campaign, a policy of maximum pressure on Tehran implemented by the administration of US President Donald Trump under NSPM-2. The department claims that this move is proof that 'Economic Fury' is working and will continue to identify and dismantle illicit financial networks.