US Treasury’s OFAC sanctions 2 Iran-linked crypto exchanges
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
The US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned two Iran-linked crypto exchanges, Shelbit and Aban Tether, accusing them of laundering billions of dollars and facilitating illicit cryptocurrency activity to support Iran’s Islamic Revolutionary Guard Corps (IRGC). Sanctions were also imposed on Iranian national Siavash Kayvanpour and associated crypto wallets and companies. OFAC highlighted the use of these exchanges to move funds benefiting the IRGC amid ongoing military tensions involving Iran.
Why it matters
According to the US Treasury, these sanctions aim to increase economic pressure on Iran by targeting illicit financial networks involving cryptocurrency. Treasury Secretary Scott Bessent emphasized the government's commitment to dismantling such networks, whether they involve traditional currencies or crypto assets. This reflects ongoing efforts to disrupt Iran’s access to funds amid military conflict.
Key context
OFAC previously sanctioned other Iranian digital asset exchanges such as Nobitex, Zedcex, and Zedxio, with related wallet freezes totaling $131 million earlier in the year. The sanctions come amid heightened US-Iran military confrontations and focus on cutting off financial support channels used by Iran’s IRGC. The Treasury alleges that these exchanges and associated actors facilitate sanctions evasion and illicit crypto transfers supporting Iran’s regime.
Key numbers and entities
The US Treasury Department’s OFAC sanctioned the crypto exchanges Shelbit and Aban Tether. Iranian national Siavash Kayvanpour and his linked wallets and companies were also sanctioned. IRGC-related wallets reportedly sent over $1 million to Shelbit-linked addresses, while Kayvanpour’s wallets sent $2 million in digital assets to the exchange Nobitex. Shelbit reportedly transferred $2 million in crypto to wallets controlled by the IRGC. Prior related sanctions included the freezing of $131 million in wallets linked to Iran.
What remains unclear
The source does not flag open questions or specify the direct impact of these sanctions on the sanctioned exchanges’ operations or user bases. Details about the broader network’s scope or additional sanctioned entities beyond those named are not provided.