The US Treasury’s OFAC sanctioned Iranian exchanges Shelbit and Aban Tether and operator Siavash Kayvanpour for facilitating IRGC-linked crypto laundering, saying IRGC addresses sent over $1 million into Shelbit which returned about $2 million, Kayvanpour moved more than $2 million to Nobitex, and Shelbit reportedly routed $676 million to Binance while laundering tens of millions for a gambling network. The designations under Executive Order 13902 highlight heightened enforcement risk for CEXs, stablecoin issuers, wallets and crypto on-ramps and are likely to trigger additional freezes, compliance actions and negative pressure on adoption and market sentiment.

Bearish

Predictions Markets

See what traders are focused on

View analytics →

In Brief

OFAC sanctioned Iranian crypto exchanges Shelbit and Aban Tether over IRGC laundering.
Ringleader Siavash Kayvanpour ran front companies across Georgia, Poland, and the UAE
IRGC wallets moved over $1 million into Shelbit, which sent $2 million back.

The US Treasury sanctioned two Iranian digital asset exchanges, Shelbit and Aban Tether, along with network operator Siavash Kayvanpour, over crypto transfers tied to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The Office of Foreign Assets Control (OFAC) issued the designations on Friday. The designations mark the latest US strike on Iran’s crypto rails this year.

How The Shelbit Network Moved Crypto

IRGC crypto addresses sent more than $1 million into the Shelbit Exchange. Over $2 million then flowed from Shelbit back to Guard wallets, according to OFAC.

Kayvanpour, an Iranian-born operator, ran Shelbit from Georgia and built front companies in Poland and the UAE. His wallets sent more than $2 million to Nobitex, Iran’s largest crypto exchange, which OFAC blocked in June.

OFAC also said Shelbit laundered tens of millions for a Persian-language gambling network. Reuters earlier reported that Shelbit routed $676 million to Binance.

Aban Tether and The Iran Sanctions Campaign

Aban Tether, a separate Iran-based exchange, processed millions in transactions with previously blocked platforms Nobitex, Wallex, Bitpin, and Ramzinex. Treasury cited Executive Order 13902, which targets firms operating in Iran’s financial sector.

“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle illicit financial networks,” Scott Bessent, Treasury Secretary, said.

The move extends the US maximum pressure campaign on Iran, carried out under National Security Presidential Memorandum 2 (NSPM-2). Stablecoin issuers have moved fast on past listings, freezing Iranian wallets after the designation.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights

Read the article at BeInCrypto