WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued new sanctions targeting two cryptocurrency exchanges, Shelbit and Aban Tether, alleging the platforms facilitated illicit financial transfers and helped Iran evade international restrictions.
The action expands Washington’s ongoing crackdown on digital asset networks accused of funneling resources to the Islamic Revolutionary Guard Corps (IRGC) and foreign state-backed operations.
Direct Links to the IRGC and Shadow Financial Networks
According to Treasury officials, Iran’s government has increasingly leveraged centralized and foreign crypto platforms operating with minimal regulatory oversight to move digital assets across global corporate networks.
- Shelbit Transfers: On-chain analytics indicate IRGC-linked addresses transferred over $1 million in crypto to Shelbit, while Shelbit-controlled wallets forwarded more than $2 million directly back to IRGC addresses.
- Front Operations & Individual Designations: OFAC designated Iranian national Siavash Kayvanpour, identified as the operator behind a web of front companies tied to Shelbit across Georgia, Poland, and the United Arab Emirates. Wallets managed by Kayvanpour moved over $2 million to Nobitex, Iran’s largest crypto exchange.
- Aban Tether Exposure: Iran-based Aban Tether was designated for handling millions of dollars in transactions for previously blacklisted domestic exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex.
“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.”
— Scott Bessent, U.S. Treasury Secretary
Widen Crackdown and Stablecoin Enforcement
The regulatory action represents administrative blocking designations rather than criminal convictions, effectively freezing any assets under U.S. jurisdiction tied to the blacklisted entities.
| Key Enforcement Metric | Detail / Value |
| Total Crypto Frozen/Seized | Nearly $1 billion in Iran-linked assets since conflict onset |
| July CBI Wallet Freeze | $131 million in stablecoins (USDT) frozen by Tether |
| April Stablecoin Lock | ~$344 million across TRON network wallets |
| Dominant Local Exchange | Nobitex (~50% of Iranian digital asset trading volume) |
Centralized stablecoin issuers (such as Tether) have increasingly served as primary enforcement mechanisms for international regulators. Unlike decentralized network assets where private key control is required for confiscation, centralized smart-contract issuers can freeze asset transfers directly at designated wallet addresses.
Market Implications & Compliance Requirements
The designations place stringent legal obligations on global financial entities and market participants:
- Strict Prohibition for U.S. Persons: U.S. citizens, domestic institutions, and entities owned 50% or more by sanctioned parties are barred from transacting with or providing financial services to the designated entities.
- Secondary Sanctions Risk: Foreign exchanges, payment processors, and liquidity providers processing transactions involving Shelbit, Aban Tether, or associated wallets risk losing access to the U.S. financial system.
- Mandatory Wallet Screening: OFAC published specific wallet identifiers across Bitcoin, Ethereum, Tron, and Solana networks. Compliance engines and exchange risk departments must update blocklists immediately to filter out incoming and outgoing transfers tied to these addresses.