Summary
- The Office of Foreign Assets Control (OFAC) has designated Shelbit Exchange and Aban Tether for allegedly facilitating financial transactions for Iran's military.
- Funds associated with Iranian wallets reportedly transferred over $1 million to Shelbit, which in turn sent back more than $2 million.
- The State Department is offering rewards of up to $15 million for information that could disrupt the financial operations of Iran's military.
The U.S. Treasury has sanctioned two cryptocurrency exchanges, asserting that they laundered substantial amounts of money for Iran's Revolutionary Guard. One of the operators is reported to have managed the operation from both Georgia and the UAE, while the other is based in Iran.
On August 7, the OFAC announced these sanctions as part of its "Economic Fury" initiative. "The Iranian regime's dependence on digital currencies and clandestine financial networks demonstrates that Economic Fury is proving effective," Treasury Secretary Scott Bessent stated. This action coincided with a broader effort aimed at Iran's shadow banking system.
The key figure in this operation is Siavash Kayvanpour, who is originally from Iran but holds citizenship in Dominica and Afghanistan. He directed a multi-national operation from the UAE and Georgia through his company, SHPS Shelbit, which operates Shelbit Exchange.
The Treasury has indicated that wallets linked to the Iranian military sent over $1 million in cryptocurrency to Shelbit, which then transferred more than $2 million back to Iranian wallets, along with an additional $2 million to Nobitex, an Iranian exchange previously sanctioned for supporting terrorism.
"The Iranian regime’s reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working. We will continue to increase the economic pressure. Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial… https://t.co/phPYBx4Zxr"
— Treasury Secretary Scott Bessent (@SecScottBessent) August 7, 2026
According to the Treasury, Shelbit has also laundered tens of millions of dollars from an online gambling network catering to Persian speakers.
The UAE's Virtual Assets Regulatory Authority (VARA) previously took action against Shelbit General Trading in January 2025 and again in July 2026, but the exchange continued its operations, as noted by the Treasury. Kayvanpour is also linked to Shelbit Technologies in Poland and Crypto Home and NFT Home DMCC in the UAE, both of which have been sanctioned alongside Shelbit.
Aban Tether, the second exchange, processed millions in transactions with other Iranian platforms that had already been sanctioned, including Nobitex, Wallex, Bitpin, and Ramzinex. The sanctions against both exchanges are part of broader efforts to target Iran's financial sector and its support for terrorism.
These measures have placed the designated entities on the Specially Designated Nationals (SDN) List, effectively barring them from the U.S. financial system. Any assets they hold that are connected to the U.S. will be frozen, and foreign entities that continue to engage with them may face secondary sanctions.
The State Department's Rewards for Justice program is currently offering up to $15 million for tips that could disrupt the financial activities of the Iranian Revolutionary Guard Corps (IRGC). This latest round of crypto seizures is part of a sustained campaign against Iran's use of digital currencies: In May, the U.S. froze $131 million in Iranian-linked cryptocurrency, and according to Bessent, approximately $1 billion in Iranian crypto has been seized since the initiative's launch.
As of August 7, both Shelbit Exchange and Aban Tether, along with the individuals named, have been added to the SDN List, and their assets that touch the U.S. have been blocked.