US Sanctions Target Iranian Crypto Exchanges Over IRGC Links

US Treasury Sanctions Shelbit and Aban Tether – Iranian Crypto Exchanges Accused of IRGC-Linked Transfers

Key Takeaways

• The US Treasury has sanctioned Iranian crypto exchanges Shelbit and Aban Tether, along with network operator Siavash Kayvanpour.
• According to OFAC, more than $1 million was sent from IRGC-linked addresses to Shelbit, with over $2 million flowing back to IRGC wallets.
• Shelbit allegedly laundered tens of millions of dollars for a Persian-language gambling network.
• Aban Tether processed millions in transactions with previously sanctioned Iranian platforms, including Nobitex.
• The designations were issued under Executive Order 13902 as part of the US maximum pressure campaign on Iran.

US Treasury Designates Two Iranian Crypto Exchanges

The US Department of the Treasury has imposed sanctions on two Iranian digital asset exchanges, Shelbit and Aban Tether, citing their alleged involvement in cryptocurrency transfers linked to Iran’s Islamic Revolutionary Guard Corps, or IRGC. The Office of Foreign Assets Control, known as OFAC, announced the designations on Friday.

In addition to the two exchanges, OFAC also sanctioned Siavash Kayvanpour, identified as the network operator behind Shelbit. The move represents the latest action this year targeting what US authorities describe as Iran’s use of cryptocurrency infrastructure.

Treasury Secretary Scott Bessent stated that enforcement efforts will continue across financial channels, including digital assets. The sanctions were issued under Executive Order 13902, which targets entities operating in Iran’s financial sector. The action forms part of the broader US maximum pressure campaign on Iran, carried out under National Security Presidential Memorandum 2.

Alleged Crypto Flows Between IRGC and Shelbit

According to OFAC, blockchain analysis linked more than $1 million in cryptocurrency transfers from IRGC-associated addresses to the Shelbit Exchange. Authorities further allege that over $2 million subsequently moved from Shelbit back to wallets connected to the IRGC.

OFAC also reported that Shelbit laundered tens of millions of dollars on behalf of a Persian-language gambling network. For users of crypto betting and gambling platforms, this detail highlights the regulatory scrutiny applied when digital asset services are linked to sanctioned entities or illicit financial flows.

Reuters previously reported that Shelbit routed $676 million to Binance. While the Treasury statement does not provide further operational detail about those transfers, the figure underscores the scale of transactions attributed to the network.

Role of Siavash Kayvanpour and International Front Companies

The Treasury identified Siavash Kayvanpour as an Iranian-born operator who ran Shelbit from Georgia. According to OFAC, Kayvanpour established front companies in Poland and the United Arab Emirates to facilitate network operations.

Authorities also stated that wallets associated with Kayvanpour sent more than $2 million to Nobitex, described as Iran’s largest crypto exchange. OFAC blocked Nobitex in June as part of its earlier sanctions measures targeting Iranian digital asset platforms.

For international crypto users and service providers, the designation of individuals alongside exchanges illustrates that US sanctions can extend beyond corporate entities to network operators and related structures in multiple jurisdictions.

Aban Tether and Transactions With Previously Blocked Platforms

The Treasury’s action also targets Aban Tether, a separate Iran-based exchange. According to OFAC, Aban Tether processed millions of dollars in transactions with platforms that had already been sanctioned.

These platforms include Nobitex, Wallex, Bitpin, and Ramzinex. By referencing previously blocked entities, the Treasury signals that continued transactional relationships with sanctioned exchanges can lead to further designations.

The cumulative effect is an expanding list of Iranian crypto service providers subject to US restrictions. For exchanges, betting operators, and payment processors that rely on digital asset liquidity, such listings can affect counterparty risk assessments and compliance procedures.

Stablecoin Issuers Respond to Sanctions Listings

The Treasury noted that stablecoin issuers have acted quickly in response to past designations by freezing wallets associated with Iranian entities after they were listed.

Although the statement does not name specific issuers, the reference indicates that enforcement actions extend beyond exchange operators to wallet-level controls within stablecoin ecosystems. For users who rely on stablecoins for deposits, withdrawals, or settlement across crypto betting and trading platforms, wallet freezes can directly impact fund accessibility.

The Treasury’s message emphasizes that sanctions enforcement applies regardless of the currency involved. In the words of Secretary Bessent, enforcement will target illicit financial networks whether transactions occur in dollars, rials, or cryptocurrency.

Regulatory Context for Crypto and Gambling Networks

The mention of a Persian-language gambling network in connection with Shelbit underscores how crypto exchanges can become focal points in investigations that intersect with online gambling operations.

While the Treasury statement does not identify the gambling network by name, it states that tens of millions of dollars were laundered through Shelbit on its behalf. For users evaluating crypto gambling or betting platforms, the case illustrates how regulatory authorities monitor transaction flows between exchanges and gaming-related entities.

In this instance, the sanctions are framed within national security and financial sector restrictions targeting Iran. However, the operational mechanisms cited by OFAC, including exchange wallets, front companies, and cross-platform transfers, reflect the broader compliance environment facing digital asset service providers.

Our Assessment

The US Treasury’s designation of Shelbit, Aban Tether, and Siavash Kayvanpour expands its sanctions framework to additional Iranian crypto exchanges and related operators. The action cites specific transaction volumes between IRGC-linked addresses and exchange wallets, as well as connections to previously sanctioned platforms and a gambling network.

For international crypto users and platforms, the case demonstrates how US sanctions can affect exchanges, individual operators, and associated wallet infrastructure. It also confirms that stablecoin issuers have responded to past listings by freezing designated wallets, reinforcing the practical impact of sanctions on digital asset accessibility and cross-platform transactions.