Summary
- U.S. authorities sanctioned Shelbit and Aban Tether over alleged cryptocurrency transactions involving Iranian financial networks and sanctioned organizations, including the IRGC.
- Shelbit allegedly processed billions in transactions, while Reuters traced substantial transfers from wallets linked with the exchange toward Binance accounts.
- Aban Tether allegedly processed millions involving sanctioned Iranian exchanges, while Nobitex handled more than half of Iran’s cryptocurrency inflows during 2025.
The U.S. Treasury Department has sanctioned crypto exchanges Shelbit and Aban Tether over alleged connections to Iranian financial networks. The action expands President Donald Trump’s Economic Fury campaign, which targets financial channels Washington believes support sanctioned Iranian organizations.
Treasury officials accused both exchanges of processing cryptocurrency transactions that helped Iranian entities evade restrictions imposed by the United States. Moreover, the Office of Foreign Assets Control linked Shelbit activity to Iran’s Islamic Revolutionary Guard Corps and other sanctioned organizations.
OFAC also sanctioned Shelbit operator Siavash Kayvanpour alongside several companies he controls across Georgia, Poland, and the United Arab Emirates. Treasury Secretary Scott Bessent argued that Iran increasingly relies on digital assets and shadow banking networks to maintain financial access.
Treasury data shows IRGC-linked wallets transferred over $1 million to Shelbit while receiving more than $2 million from the exchange. Additionally, wallets associated with Kayvanpour allegedly transferred over $2 million to Nobitex, Iran’s largest cryptocurrency exchange.
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Shelbit Transactions Draw Wider Scrutiny
Shelbit allegedly serviced more than 2,000 gambling websites promoted by Iranian influencers, adding another dimension to Treasury’s enforcement case. Officials claim the gambling network laundered tens of millions of dollars through cryptocurrency transactions involving the sanctioned exchange.
Meanwhile, a Reuters investigation found that Shelbit processed at least $4 billion through its network during the previous two years. Those transactions reportedly involved Iranian gambling websites, the country’s central bank, and entities connected with the IRGC.
Significantly, Reuters traced at least $676 million from Shelbit-linked wallets to Binance during the period covered by its investigation. About $540 million reportedly moved following Dubai regulator VARA’s January 2025 fine against Shelbit for operating without proper authorization.
However, Binance disputed that figure and maintained that Shelbit never directly held an account on its cryptocurrency trading platform. Binance also reported investigating and freezing accounts associated with Shelbit users before reporting relevant activity to appropriate authorities.
Aban Tether Faces Separate Sanctions
OFAC separately sanctioned Iran-based Aban Tether over transactions involving several cryptocurrency exchanges already targeted by American authorities. Treasury officials allege Aban Tether processed millions involving Nobitex and sanctioned platforms including Wallex, Bitpin, and Ramzinex.
OFAC estimates Nobitex handled more than half of cryptocurrency inflows entering Iran during 2025, highlighting its significant domestic position. The sanctions broaden Washington’s campaign against cryptocurrency infrastructure allegedly connecting Iranian financial networks with organizations facing American restrictions.
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