The US Treasury’s Office of Foreign Assets Control sanctioned two crypto exchanges on August 7, 2026, accusing them of moving millions of dollars on behalf of Iran’s Islamic Revolutionary Guard Corps. The action names Dubai-based Shelbit Exchange, Iran-based Aban Tether, an individual operator, and four front companies.
What Treasury alleges
OFAC’s designation targets Shelbit Exchange, Aban Tether, founder Siavash Kayvanpour, and four affiliated front companies for processing crypto payments tied to the IRGC. According to Treasury, IRGC-linked wallets sent more than $1 million in crypto to Shelbit addresses, while more than $2 million flowed from Shelbit-controlled addresses back to wallets tied to the IRGC.
Separately, Treasury said wallets belonging to or controlled by Kayvanpour sent over $2 million to Nobitex, which it identifies as Iran’s largest crypto exchange and which the US has previously sanctioned.
Treasury also alleges Shelbit served as the payments backbone for a Persian-language online gambling network operated by two Iranian influencers living abroad. Tens of millions of dollars in gambling proceeds allegedly moved through Shelbit before being redirected toward regime-connected wallets, according to the designation.
Aban Tether, for its part, is accused of processing transactions involving other sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin and Ramzinex.
“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat,” Treasury Secretary Scott Bessent said in a statement accompanying the designation.
A widening enforcement pattern
This is not an isolated action. Treasury has sanctioned a series of Iran-linked exchanges through 2026 as part of a sustained effort to restrict the IRGC’s access to crypto rails and foreign currency more broadly. Nobitex, Wallex, Bitpin and Ramzinex have all previously been named in related actions, and Aban Tether’s alleged dealings with each of them suggest Treasury is now working to map and cut off the secondary network of exchanges that route around already-sanctioned entities.
That pattern matters for how the industry should read this specific action. It is not a one-off case against a single bad actor — it’s the latest layer in an incremental campaign that has steadily narrowed the set of exchanges Iran-linked wallets can route through without triggering a US compliance freeze.
What sanctions actually do
A US sanctions designation blocks any property or interests in property of the named individuals and entities that come within US jurisdiction, and it generally bars US persons from transacting with them. It does not, by itself, shut an exchange down outside US jurisdiction. Shelbit and Aban Tether can likely continue operating for non-US customers.
What changes immediately is counterparty risk. Exchanges, market makers and stablecoin issuers with any US compliance exposure typically move fast to freeze or block wallet addresses named in an OFAC designation, and correspondent banking or fiat off-ramp relationships tied to a sanctioned entity are usually severed. For an exchange whose business model depends on connectivity to global liquidity, that isolation can be more damaging in practice than the legal prohibition itself.
Why this matters beyond Iran
The case underscores a recurring theme in 2026 crypto enforcement: regulators increasingly treat exchange-level infrastructure, not just individual wallets, as the point of leverage. Rather than chasing every sanctioned wallet address individually, Treasury is targeting the exchanges and payment rails those wallets depend on — a strategy that forces compliant intermediaries worldwide to decide, quickly, whether to sever ties.
For legitimate exchanges operating in jurisdictions with US counterparty exposure, the practical takeaway is straightforward: screening obligations extend beyond directly sanctioned wallets to counterparties that have transacted with them, and the cost of missing that connection keeps rising as these designations stack up.
Bottom line
The Shelbit and Aban Tether sanctions are an incremental but telling escalation in Treasury’s campaign against Iran’s crypto-enabled sanctions evasion. The dollar figures involved — low millions — are modest next to prior actions, but the designation’s focus on a front-company network and cross-exchange routing through Nobitex, Wallex, Bitpin and Ramzinex shows regulators are mapping the connective tissue between sanctioned entities, not just naming them one at a time. Exchanges anywhere in that network should expect continued scrutiny.
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Sources and review
This article was checked against the primary or authoritative sources below .
- U.S. widens Iran crypto crackdown with sanctions on two exchanges — CoinDesk
- US Treasury Sanctions Shelbit, Aban Tether Over Iran's $4B IRGC Crypto Scheme — The Crypto Times
- US Treasury's OFAC Sanctions 2 Iran-Linked Crypto Exchanges — Cointelegraph
- US Treasury Sanctions Two Iranian Crypto Exchanges Over IRGC Money Laundering — BeInCrypto
Frequently asked questions
OFAC sanctioned Dubai-based Shelbit Exchange, Iran-based Aban Tether, founder Siavash Kayvanpour, and four affiliated front companies for allegedly processing crypto payments on behalf of Iran's Islamic Revolutionary Guard Corps.
Treasury said IRGC-linked wallets sent more than $1 million in crypto to Shelbit addresses, while more than $2 million flowed from Shelbit back to IRGC-controlled wallets. Wallets tied to Kayvanpour separately sent over $2 million to Nobitex, Iran's largest exchange.
US persons and entities are barred from transacting with the sanctioned individuals and entities, and any US-touching assets they hold are blocked. Exchanges with US compliance exposure typically move quickly to freeze or delist wallet addresses tied to sanctioned entities.
Yes. Treasury has sanctioned a string of Iran-linked exchanges and networks in 2026, including Nobitex, Wallex, Bitpin and Ramzinex, as part of an ongoing effort to cut off IRGC access to crypto and foreign currency.
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