The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added the cryptocurrency exchanges Shelbit and Aban Tether to its sanctions list, accusing them of laundering funds for the Islamic Revolutionary Guard Corps (IRGC). This information was disclosed in a recent press release from the department.
These sanctions are part of the "Economic Fury" campaign, a strategy of maximum pressure on Tehran that the administration of former President Donald Trump has implemented based on the NSPM-2 memorandum.
“The Iranian regime's reliance on digital assets and shadow banking networks is further proof that 'Economic Fury' is effective. Whether in dollars, rials, or cryptocurrency, the department will identify and dismantle the illegal financial networks sustaining the regime,” stated U.S. Treasury Secretary Scott Bessent.
Network of Companies Across Four Jurisdictions
According to OFAC, Siavash Kayvanpour, an Iranian national with citizenship in Dominica and Afghanistan, currently residing in the UAE, operates Shelbit through a company registered in Georgia called SHPS Shelbit.
The regulator claims that over $1 million in digital assets was transferred to Shelbit from IRGC addresses, while more than $2 million was sent back. Additionally, around $2 million from addresses controlled by Kayvanpour was transferred to the sanctioned Iranian exchange Nobitex.
In addition to the Georgian SHPS Shelbit, the sanctions also target Shelbit General Trading LLC, registered in the UAE (operating under the name Shelbit Exchange), the Polish Shelbit Technologies Ltd (currently being liquidated), and the Emirati firms Crypto Home DMCC and NFT Home DMCC.
The Dubai Virtual Assets Regulatory Authority (VARA) issued directives against General Trading in January 2025 and July 2026, yet the company continued its operations. Similar measures were taken against Crypto Home.
OFAC also linked Shelbit to the laundering of tens of millions of dollars from a network of over 2,000 Persian-language gambling sites promoted by two Iranian influencers. Both were convicted in their home country for illegal gambling in 2023, but their resources maintained access to the national payment system, which is strictly regulated by the Bank of Iran.
The second exchange, Aban Tether, was sanctioned for its operations in Iran's financial sector. The department reported that it facilitated millions of dollars in transactions involving Nobitex, Wallex, Bitpin, and Ramzinex, all of which have previously been placed on sanctions lists.
These sanctions followed a Reuters investigation indicating that Shelbit conducted at least $4 billion in transactions over two years involving Iranian gambling sites, the country's central bank, and entities linked to the IRGC. The agency claims that part of these funds were funneled to international cryptocurrency exchanges.
Additionally, it was revealed in May that Nobitex is controlled by the influential Harrazi clan, which has been closely associated with Iran's leadership for decades.