TL;DR:
- The Office of Foreign Assets Control (OFAC) added crypto platforms Shelbit and Aban Tether to its sanctions list for facilitating sanctions evasion.
- Cryptocurrency addresses belonging to the Islamic Revolutionary Guard Corps transferred over $1 million to Shelbit and received more than $2 million from the entity.
- Official records and news investigations indicate that Shelbit processed nearly $4 billion over the past two years through gambling networks and financial intermediaries.
The United States Department of the Treasury announced this Friday the inclusion of two digital asset exchanges on its list of blocked entities. The imposition of sanctions on Iranian crypto exchanges aims to dismantle the financial networks used by the Tehran regime to move capital outside the traditional banking system.
The affected platforms are Shelbit and Aban Tether, which allegedly processed millions in volume for state actors and previously designated entities. According to the U.S. Treasury statement, these measures fall under the current administration’s coordinated strategy of maximum economic pressure.
The Office of Foreign Assets Control (OFAC) detailed the flow of funds between crypto infrastructure and the Iranian military establishment. Digital wallets controlled by the Islamic Revolutionary Guard Corps (IRGC) sent the equivalent of more than $1 million to Shelbit addresses. In parallel, the platform transferred an amount exceeding $2 million back to addresses associated with the military group.
Additionally, U.S. authorities sanctioned Shelbit operator Siavash Kayvanpour, along with a network of companies under his control based in the United Arab Emirates, Georgia, and Poland. Records attributable to OFAC contend that addresses linked to Kayvanpour sent over $2 million to Nobitex, Iran’s primary crypto exchange previously sanctioned in June 2025.
Gambling networks and cross-border transactions
Alongside military operations, Shelbit allegedly provided financial processing services to a network of more than 2,000 gambling websites targeting the Persian-speaking public. Official investigation data highlights that tens of millions of dollars from these illegal platforms were laundered through Shelbit’s infrastructure. Promoters of these sites maintain access to Iran’s online payment system, regulated by the Central Bank of Iran.
Reports presented by Reuters news agency revealed that Shelbit processed at least $4 billion over the last 24 months. A considerable portion of these funds interacted with major global exchanges. During this period, transfers estimated at $676 million were recorded from Shelbit-linked wallets to Binance.
International regulatory actions against Shelbit intensified over the past year. Dubai’s Virtual Assets Regulatory Authority (VARA) issued a sanction against the company in January 2025 for operating without a license. Subsequently, the supervisory body issued a new enforcement order demanding the immediate cessation of its activities. Binance spokespersons stated to specialized media that accounts associated with Shelbit users were investigated, frozen, and reported to the corresponding authorities.
Regarding Aban Tether, OFAC noted that the Iranian exchange facilitated million-dollar transactions involving other previously sanctioned local platforms, including Wallex, Bitpin, and Ramzinex. Official documentation maintains that Nobitex channeled more than 50% of all cryptocurrency inflows into Iran during 2025.
As a result of these actions, all property and interests in property of the sanctioned individuals and companies within the United States are blocked. Furthermore, the State Department’s Rewards for Justice Program offered compensation of up to $15 million for information leading to the disruption of the IRGC’s financial mechanisms. The Treasury Department will maintain regular reviews of on-chain flows within the digital asset sector.
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