The U.S. sanctions two Iranian crypto exchanges, Shelbit and Aban Tether, for laundering funds linked to the IRGC as part of its "Economic Fury" campaign.
The U.S. Treasury Department has intensified its sanctions against Iranian cryptocurrency exchanges, specifically targeting Shelbit and Aban Tether. These sanctions are aimed at disrupting the financial operations supporting the Islamic Revolutionary Guard Corps (IRGC).
This move is part of the "Economic Fury" initiative, a strategy that seeks to apply maximum economic pressure on Iran, rooted in policies from the previous Trump administration.
U.S. Treasury Secretary Scott Bessent emphasized, "The Iranian regime's reliance on digital assets and shadow banking networks demonstrates that 'Economic Fury' is working. Whether it’s in dollars, rials, or cryptocurrency, we will dismantle the illegal financial networks supporting the regime.”
Complex Network Linked to Sanctions
The Office of Foreign Assets Control (OFAC) reports that Siavash Kayvanpour, an Iranian citizen residing in the UAE, manages Shelbit via a company registered in Georgia. The investigation uncovered that over $1 million in cryptocurrency was sent to Shelbit from IRGC-controlled addresses, while more than $2 million was returned.
Additional sanctions were imposed on several companies associated with Shelbit, including its UAE-based General Trading LLC and a liquidating firm in Poland, alongside two Emirati firms, Crypto Home DMCC and NFT Home DMCC.
OFAC has traced the laundering of tens of millions of dollars through Shelbit, linked to a network of over 2,000 Persian-language gambling sites, with involvement from two Iranian influencers who were convicted for illegal gambling.
Meanwhile, Aban Tether has been implicated in facilitating millions of dollars in transactions within Iran's financial sector with other previously sanctioned exchanges such as Nobitex and Wallex.
A recent investigation revealed that Shelbit has transacted at least $4 billion over two years in relation to Iranian gambling sites and IRGC entities, with some funds allegedly routed to international cryptocurrency exchanges. Notably, Nobitex is reportedly controlled by the influential Harrazi clan, which has significant ties to Iran's government.
