- The U.S. Treasury sanctioned Shelbit Exchange and Aban Tether for allegedly laundering funds for Iran‘s Islamic Revolutionary Guard Corps (IRGC).
- Officials claim Iran-linked wallets sent over $1 million to Shelbit, which returned more than $2 million and also moved funds to previously sanctioned Iranian platforms.
- The State Department is offering up to $15 million for information that disrupts the IRGC’s financial networks.
The U.S. Treasury sanctioned two crypto exchanges on August 7 for allegedly laundering millions for Iran’s Revolutionary Guard, targeting operations run from Georgia, the UAE, and Iran. The Office of Foreign Assets Control (OFAC) announced the action under its “Economic Fury” campaign, simultaneously hitting Iran’s traditional shadow-banking network in a related move.
The centerpiece of the action is Siavash Kayvanpour, an Iran-born operator holding Dominica and Afghanistan citizenship who ran the network from the UAE and Georgia. Through his Georgia firm SHPS Shelbit, he operated Shelbit Exchange, which Treasury says moved funds for the Iranian armed forces.
Iran-linked wallets sent over $1 million in crypto to Shelbit, which returned more than $2 million to Iranian wallets and sent an additional $2 million to Nobitex, an Iranian exchange previously sanctioned for terrorist financing. Shelbit also laundered tens of millions from a Persian-language online gambling network, according to Treasury.
The UAE’s Virtual Assets Regulatory Authority took enforcement action against Shelbit in January 2025 and July 2026, but the exchange continued operating. Treasury Secretary Scott Bessent emphasized the campaign’s effectiveness: “The Iranian regime’s reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working.”
The second exchange, Aban Tether, processed millions in transactions with previously designated Iranian platforms including Nobitex, Wallex, Bitpin, and Ramzinex. Both entities are now on the Specially Designated Nationals List, freezing any U.S.-touching property and risking secondary sanctions for foreign firms that continue dealing with them.
The State Department’s Rewards for Justice program is offering up to $15 million for information that disrupts Iran’s military financial machinery. These designations follow a sustained crackdown, including the freezing of $131 million in Iran-linked crypto in May and roughly $1 billion seized since the campaign began.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
