U.S. Sanctions Shelbit and Aban Tether for Evasion of Iran Restrictions

U.S. Sanctions Shelbit and Aban Tether for Evasion of Iran Restrictions

On August 7, 2026, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against two crypto exchanges, Shelbit and Aban Tether, alleging their involvement in helping Iran evade international financial restrictions. The sanctions are part of ongoing efforts to impede Iran’s access to global financial systems linked to the Islamic Revolutionary Guard Corps (IRGC).

Details of the Allegations

According to OFAC, IRGC-linked wallets transferred over $1 million in cryptocurrency to Shelbit, which in turn allegedly sent more than $2 million to wallets controlled by the IRGC. Additionally, wallets tied to Siavash Kayvanpour reportedly moved over $2 million to Nobitex, Iran’s largest cryptocurrency exchange.

Scope of Sanctions

The sanctions also extend to Kayvanpour and his companies situated in Georgia, Poland, and the United Arab Emirates. Kayvanpour is described by Treasury as the operator of a network of front companies associated with Shelbit.

Official Statements

“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat,” stated Treasury Secretary Scott Bessent.

OFAC has indicated that Aban Tether processed millions of dollars for other sanctioned entities, including Nobitex, Wallex, Bitpin, and Ramzinex, all of which were sanctioned in June.

Implications for the Crypto Sector

The sanctions impose significant restrictions on U.S. persons and companies, prohibiting any provision of funds, services, or other economic benefits to the designated exchanges. Furthermore, entities owned at least 50% by sanctioned parties may also be affected. This move adds pressure on foreign exchanges and stablecoin issuers that could face secondary sanctions if they knowingly engage with the designated entities.

Wider Context of U.S. Actions

This development is part of a broader initiative by the U.S. to crack down on crypto activities associated with Iran. Recently, U.S. authorities froze $131 million in crypto tied to Iran’s central bank, following an earlier action where Tether froze approximately $344 million in USDT related to Iranian networks. Since the onset of military conflicts, nearly $1 billion in cryptocurrency linked to Iranian exchanges and wallets has been seized or frozen by the U.S. government.

Future Steps for Crypto Firms

As the sanctions come into effect, crypto companies are advised to update their transaction screening systems to include the newly designated entities and wallet addresses associated with these sanctions. This increased scrutiny underscores the precedent set by U.S. regulatory actions within the cryptocurrency ecosystem.