OFAC Sanctions Iran Crypto Exchanges Shelbit and Aban Tether Amid Conflict

Woofun AI reports that the US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned crypto exchanges Shelbit and Aban Tether, alongside Iranian national Siavash Kayvanpour, for facilitating illicit activity that supports the Islamic Revolutionary Guard Corps (IRGC). Treasury Secretary Scott Bessent emphasized that the administration will dismantle these illicit financial networks, stating, 'Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.'

Specific financial flows reveal the scale of the evasion, with IRGC-controlled wallets sending over $1 million in crypto to addresses tied to Shelbit. Per Woofun AI, wallets linked to Kayvanpour transferred $2 million in digital assets to Nobitex, an Iranian exchange added to the US sanctions list in June.

Additionally, Shelbit facilitated the transfer of $2 million in crypto directly to IRGC-controlled wallets, cementing its role in the illicit pipeline.

Structurally, these measures are part of a broader campaign targeting Iran's finances amid escalating military conflict. The department previously designated digital asset exchanges Zedcex and Zedxio as sanctioned entities in January. In June, the US froze $131 million in wallets linked to Iran, demonstrating a consistent pattern of targeting both centralized platforms and individual custodial addresses.

The designation of Shelbit and Aban Tether marks a significant escalation in economic pressure on the regime. By targeting the specific infrastructure used to launder billions of dollars, the Treasury aims to sever the financial lifeline of the IRGC. This strategy underscores a shift toward comprehensive disruption of state-sponsored illicit finance.