US Treasury Sanctions Crypto Exchanges Funding Iran’s IRGC and Enabling Illicit Finance
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two digital asset exchanges and a network of associated individuals and companies accused of supporting Iran’s Islamic Revolutionary Guard Corps (IRGC), facilitating illicit cryptocurrency activity and helping the Iranian regime evade sanctions.
Announced on August 7, 2026, the action targets SHPS Shelbit, which operates Shelbit Exchange, Iran-based Aban Tether, and a multi-jurisdictional corporate network linked to Siavash Kayvanpour. Treasury said Iranian actors used unlicensed or lightly regulated digital asset platforms, front companies and an online gambling network to move funds and obscure their origin.
Shelbit’s Links to the IRGC and Designated Exchanges
According to Treasury, IRGC-linked digital currency addresses sent more than $1 million in digital assets to Shelbit Exchange addresses, while more than $2 million moved from Shelbit addresses to IRGC-controlled addresses. Digital currency addresses belonging to or controlled by Kayvanpour also sent over $2 million to Nobitex, an Iranian exchange previously designated by the United States.
OFAC also said Shelbit serviced a large Persian-language online gambling network. Tens of millions of dollars in digital assets connected to that network were allegedly laundered through Shelbit.
Kayvanpour and several associated companies were designated, including Georgia-based SHPS Shelbit, Poland-based Shelbit Technologies Ltd, and UAE-based Crypto Home DMCC and NFT Home DMCC. UAE-based Shelbit General Trading LLC, which operates commercially as Shelbit Exchange, was also designated.
Earlier Regulatory Action in the UAE
Treasury noted that the UAE’s Virtual Assets Regulatory Authority (VARA) had already taken enforcement action against Shelbit General Trading in January 2025 and July 2026. VARA also acted against Crypto Home in January 2025. The references highlight how the network had drawn regulatory scrutiny before the latest U.S. sanctions designation.
Aban Tether Designated
OFAC separately designated Aban Tether, an Iran-based digital asset exchange that Treasury said had processed millions of dollars in transactions involving previously designated Iranian exchanges, including Nobitex, Wallex, Bitpin and Ramzinex. Aban Tether was designated for operating in the financial sector of the Iranian economy.
Sanctions Implications
Property and interests in property of the designated persons that are in the United States or under the possession or control of U.S. persons must be blocked and reported to OFAC. Entities owned 50 percent or more, directly or indirectly, by one or more blocked persons are also blocked. Treasury further warned that U.S. and non-U.S. persons may face sanctions exposure or enforcement consequences for prohibited dealings or for facilitating sanctions evasion.
The case shows how crypto exchanges, corporate structures, gambling platforms and cross-border payment channels can operate as one sanctions-evasion network. For compliance teams, wallet exposure should be assessed alongside entity ownership, platform licensing and prior regulatory action across jurisdictions.
