US sanctions Shelbit and Aban Tether over $3 million in IRGC-linked crypto transfers
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The U.S. Treasury sanctioned crypto exchanges Shelbit and Aban Tether on Friday, alleging they moved millions in cryptocurrency to support Iran’s Islamic Revolutionary Guard Corps. The sanctions also targeted Shelbit’s operator Siavash Kayvanpour and several companies he controls in Georgia, Poland, and the UAE. The action follows a Reuters investigation that revealed Shelbit processed $4 billion in transactions over two years.
The Sanctions
OFAC designated Shelbit and Aban Tether for facilitating illicit crypto transactions for the IRGC and other U.S.-designated terrorist groups. Treasury traced over $1 million from IRGC wallets to Shelbit and over $2 million from Shelbit back to IRGC-linked wallets. Shelbit operator Siavash Kayvanpour was also sanctioned, along with his companies in Georgia, Poland, and the UAE. Kayvanpour allegedly transferred over $2 million to Nobitex, Iran’s largest crypto exchange, which the U.S. first sanctioned in June.
Shelbit’s Network
Shelbit serviced more than 2,000 gambling websites promoted by Iranian influencers, laundering tens of millions of dollars, according to Treasury. A Reuters investigation found the exchange processed $4 billion over two years, with $676 million moving to Binance. At least $540 million reached Binance after Dubai’s VARA fined Shelbit in January 2025 for unlicensed operations. VARA ordered Shelbit to halt unlicensed activities again in July. Binance stated accounts linked to Shelbit users had been investigated, frozen, and reported to authorities.
‘Economic Fury’ Campaign
The designations extend the Trump administration’s ‘Economic Fury’ campaign to sever Iran from global finance. Treasury Secretary Scott Bessent said Iran’s shift to digital assets proves the campaign is working, vowing to pursue networks ‘in dollars, rials, or crypto.’ Aban Tether processed millions of dollars in transactions involving Nobitex, Wallex, Bitpin, and Ramzinex, all previously designated. Nobitex handled more than half of Iran’s crypto inflows in 2025, according to OFAC.
What's Next
OFAC is expected to continue targeting Iranian crypto entities, but it remains unclear whether further sanctions will disrupt IRGC financial flows or push activity deeper underground.
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US sanctions Shelbit and Aban Tether over $3 million in IRGC-linked crypto transfers
