The US Treasury Department has sanctioned Iranian cryptocurrency exchanges Shelbit and Aban Tether, widening Washington’s efforts to target digital asset infrastructure allegedly used to move funds outside traditional financial channels.
The Treasury’s Office of Foreign Assets Control (OFAC) announced the measures on Friday as part of the US government’s broader “Economic Fury” campaign targeting Iranian financial networks.
According to Treasury officials, the exchanges were allegedly involved in moving large amounts of cryptocurrency, facilitating sanctions evasion and supporting networks connected to the Islamic Revolutionary Guard Corps (IRGC) and other US-designated groups.
The latest measures show how cryptocurrency exchanges and blockchain transaction routes are becoming increasingly important targets for US sanctions enforcement.
Treasury Targets Shelbit and Its Operator
OFAC also sanctioned Shelbit operator Siavash Kayvanpour, alongside several companies allegedly owned or controlled by him across Georgia, Poland and the United Arab Emirates.
Treasury claims that wallets associated with the IRGC transferred more than $1 million in cryptocurrency to Shelbit, while receiving over $2 million from the exchange.
Wallets linked to Kayvanpour also allegedly sent more than $2 million to Nobitex, Iran’s largest cryptocurrency exchange, which was sanctioned by Washington in June.
Shelbit was additionally accused of providing services to more than 2,000 gambling websites allegedly connected to a broader network responsible for laundering tens of millions of dollars.
These allegations have placed the exchange at the center of Washington’s latest effort to disrupt crypto-based financial routes connected to Iran.
Billions Allegedly Passed Through Shelbit
The sanctions follow a Reuters investigation that reported Shelbit processed at least $4 billion over a two-year period through transactions involving Iranian gambling businesses, the country's central bank and entities allegedly linked to the IRGC.
The investigation also found that at least $676 million moved from Shelbit-associated wallets to Binance during the period examined.
Binance disputed parts of those findings. The exchange said Shelbit itself did not maintain an account on its platform, while accounts associated with Shelbit users had been investigated, frozen and reported to relevant authorities.
Shelbit had already faced scrutiny outside the United States. Dubai’s Virtual Assets Regulatory Authority fined the operation in January 2025 for allegedly conducting unlicensed activity.
The regulator took further enforcement action in July, ordering Shelbit to stop operating without authorization.
Aban Tether Also Added to Sanctions List
Aban Tether was separately sanctioned over alleged transactions involving other Iranian crypto platforms already targeted by US authorities.
Treasury claimed the exchange processed millions of dollars connected to Nobitex and other sanctioned Iranian platforms, including Wallex, Bitpin and Ramzinex.
The action expands the network of Iranian cryptocurrency infrastructure facing US restrictions and follows Washington’s earlier sanctions against Nobitex.
Rather than focusing exclusively on traditional banks and financial institutions, US authorities are increasingly targeting exchanges, wallets and intermediaries used to move digital assets internationally.
This approach reflects the growing role of cryptocurrency in cross-border financial enforcement.
Blockchain Transparency Becomes an Enforcement Tool
While cryptocurrency can move funds outside conventional banking infrastructure, public blockchains can also leave transaction trails that investigators can follow.
Unlike cash-based networks, many cryptocurrency transfers remain permanently visible on public ledgers. Blockchain analytics can allow authorities to map relationships between wallet addresses, exchanges, counterparties and intermediary services.
The latest sanctions illustrate how this transparency can become an enforcement tool when authorities attempt to identify financial flows involving sanctioned entities.
For international cryptocurrency companies, the development increases compliance pressure beyond simply screening customer names against sanctions lists.
Platforms may increasingly need to examine wallet histories, transaction patterns and indirect exposure to sanctioned counterparties when evaluating financial crime risks.
With Shelbit and Aban Tether now targeted, Washington is signaling that cryptocurrency infrastructure will remain an important part of its broader financial enforcement strategy against Iran.
