U.S. Expands Iran Crypto Sanctions, Targets Two Exchanges

The U.S. Treasury’s OFAC has sanctioned Shelbit Exchange and Aban Tether as Washington intensifies efforts to restrict Iran’s access to cryptocurrency and foreign currency.

The U.S. Treasury Department has imposed sanctions on two crypto exchanges that it says helped Iranian entities transfer funds outside the conventional banking system. The move expands Washington’s campaign against digital-asset networks allegedly supporting the Islamic Revolutionary Guard Corps (IRGC).

According to a Friday announcement, the Treasury’s Office of Foreign Assets Control (OFAC) designated Shelbit Exchange and Iran-based Aban Tether. The agency also sanctioned Siavash Kayvanpour along with several businesses connected to him in Georgia, Poland, and the United Arab Emirates. Although the name Aban Tether may suggest a connection to stablecoin issuer Tether, no such relationship has been established, and Tether was contacted for clarification.

The Treasury said wallets linked to the IRGC transferred more than $1 million in cryptocurrency to Shelbit addresses, while more than $2 million moved in the opposite direction, from Shelbit wallets to IRGC-linked addresses. Wallets associated with Kayvanpour also reportedly sent more than $2 million to Nobitex, Iran’s largest cryptocurrency exchange.

OFAC said Aban Tether processed millions of dollars in transactions involving sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex.

The Treasury also announced separate sanctions Friday against a network of foreign-exchange businesses, shell companies, and individuals that it accused of supporting Iran’s shadow banking system. According to the agency, the network helped move hundreds of millions of dollars, including money connected to overseas oil transactions.

Treasury Secretary Scott Bessent said Iran’s continued use of digital assets and shadow financial networks demonstrates the effectiveness of Washington’s “Economic Fury” campaign. He added that the Treasury would continue targeting illicit financial networks operating through dollars, rials, or cryptocurrency.

The latest sanctions come as the U.S.-Iran conflict has increased pressure on Washington’s efforts to isolate Tehran from international financial markets and foreign currency. While cryptocurrencies can provide sanctioned entities with an alternative method of transferring funds when traditional banks block access, blockchain transactions can also create a public record that investigators and blockchain analytics companies can track.

Friday’s measures are the latest in a series of U.S. actions targeting Iran’s cryptocurrency sector.

In January, the Treasury sanctioned Zedcex and Zedxion, marking the first time crypto exchanges were targeted under Iran-specific financial sanctions. In June, Nobitex and several other Iranian exchanges were added to the sanctions list as Washington continued its campaign against Tehran.

Last month, the U.S. also sanctioned four cryptocurrency wallets linked to Iran’s central bank. Following the designations, Tether froze approximately $131 million in assets held in those wallets. Washington separately sanctioned two Iranian maritime insurance companies over an alleged scheme involving financial support for the IRGC.

The expanding crackdown is increasing pressure on crypto exchanges and stablecoin issuers to identify Iranian-linked transactions and prevent sanctioned entities from moving funds through digital-asset networks.

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