The U.S. Treasury Department has intensified its crackdown on Iran's cryptocurrency operations by imposing sanctions on two exchanges, Shelbit and Aban Tether, aimed at restricting Tehran's ability to access digital assets and foreign currency.

OFAC Targets Shelbit and Aban Tether in Sanctions

According to a press release from the Treasury's Office of Foreign Assets Control (OFAC), these exchanges are accused of facilitating money transfers for Iran, thereby aiding the country in circumventing existing sanctions. The latest sanctions build upon efforts initiated in 2026, which have already included actions against Nobitex and other Iranian exchanges, as well as crypto wallets associated with Iran's central bank.

The sanctions come during a time of heightened tension in the U.S.-Iran relationship, complicating the landscape for stablecoin providers and exchanges that manage finances linked to Iranian entities.

  • U.S. Treasury has sanctioned Shelbit and Aban Tether for allegedly assisting Iran in moving funds outside of conventional banking systems.
  • This action is part of a broader initiative that has previously targeted several Iranian exchanges and crypto wallets.
  • The sanctions are significant as they come amid the ongoing U.S.-Iran conflict, increasing risks for entities handling transactions from Iran.

The Treasury's sanctions specifically highlight that IRGC (Islamic Revolutionary Guard Corps)-linked wallets transferred over $1 million in cryptocurrency to Shelbit, with more than $2 million moving from Shelbit back to IRGC wallets. Additionally, wallets controlled by Siavash Kayvanpour have been identified as transferring significant amounts to Nobitex, which is Iran's largest crypto exchange.

Aban Tether has been implicated in processing substantial transactions involving sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex.

Furthermore, OFAC has also sanctioned a network of foreign exchange houses and individuals that have allegedly supported Iran's shadow banking system, assisting in the movement of hundreds of millions of dollars, including funds linked to oil sales abroad.

“The Iranian regime’s reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working,” stated Treasury Secretary Scott Bessent. “Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.”

These latest sanctions reflect the U.S. government's ongoing commitment to sever Iran's access to foreign currency and global financial markets. While cryptocurrencies may provide alternative channels for sanctioned entities to transfer funds, the transparency of blockchain transactions can also facilitate tracking by authorities.

This recent action is part of a series of U.S. efforts against Iran's cryptocurrency financing infrastructure. In January, the Treasury imposed sanctions on Zedcex and Zedxion, marking the first time crypto exchanges were specifically targeted under sanctions related to Iran. Subsequent actions in June saw the blacklisting of Nobitex and other exchanges, further escalating the crackdown.

Last month, the U.S. also sanctioned four crypto wallets associated with Iran's central bank, leading Tether, the issuer of the prominent stablecoin USDT, to freeze approximately $131 million in those wallets. Additionally, the U.S. targeted two Iranian maritime insurance companies involved in alleged funding schemes for the IRGC.

The expanding sanctions place increasing pressure on exchanges and stablecoin issuers to identify and block transactions connected to sanctioned Iranian entities.