The United States has sanctioned two cryptocurrency exchanges accused of helping move funds connected to Iran, escalating Washington’s efforts to disrupt crypto-based sanctions evasion and financial networks linked to the Islamic Revolutionary Guard Corps (IRGC).
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the action on August 7, 2026, targeting Shelbit Exchange and Iran-based Aban Tether, along with individuals and companies connected to the network.
According to the Treasury, the sanctions are part of its broader campaign against Iranian financial networks and digital-asset infrastructure allegedly used to move and conceal funds.
Why Did the US Sanction Shelbit?
Treasury identified Shelbit as part of a multinational network operated by Iranian-born businessman Siavash Kayvanpour.
U.S. authorities said digital-asset addresses associated with the IRGC sent more than $1 million in cryptocurrency to Shelbit addresses, while more than $2 million was transferred from Shelbit addresses to IRGC-linked crypto addresses.
Treasury also alleged that tens of millions of dollars connected to an Iranian online gambling network passed through Shelbit.
The action follows a Reuters investigation that reported Shelbit was connected to a much larger Iranian sanctions-evasion network involving cryptocurrency, online gambling and other financial channels. Reuters reported that the network had moved billions of dollars in digital assets.
Shelbit has denied knowingly participating in money laundering, terrorist financing, sanctions evasion or activities on behalf of sanctioned organizations. The company has said it ceased operations in January 2026.
Aban Tether Also Targeted
The U.S. Treasury also designated Aban Tether, an Iran-based cryptocurrency exchange.
Treasury said Aban Tether processed millions of dollars in transactions involving previously sanctioned Iranian crypto exchanges, including Nobitex, Wallex, Bitpin and Ramzinex.
The United States previously sanctioned those exchanges in June 2026 as part of its efforts to target Iran’s cryptocurrency and sanctions-evasion infrastructure.
What Does This Mean for Crypto?
The latest sanctions highlight the increasing attention governments are paying to cryptocurrency exchanges that operate across borders.
Although blockchain transactions can be publicly traceable, exchanges and other intermediaries can become important points for converting, transferring or moving digital assets.
The Treasury said the latest action demonstrates that its sanctions campaign will target illicit financial networks whether funds move through traditional currencies or cryptocurrencies.
For crypto users, the development also highlights the importance of using regulated exchanges, completing required identity verification and understanding the sanctions and compliance policies of cryptocurrency platforms.
Crypto Exchanges Face Greater Regulatory Pressure
The action against Shelbit and Aban Tether adds to a growing list of crypto exchanges that U.S. authorities have targeted over alleged sanctions evasion or illicit-finance activity.
For the wider cryptocurrency market, the case demonstrates that regulators are increasingly using blockchain analysis and financial intelligence to identify suspicious transactions.
As cryptocurrency adoption grows, exchanges are likely to face greater pressure to strengthen anti-money-laundering controls, monitor transactions and prevent sanctioned individuals and organizations from accessing their services.
The latest U.S. action therefore extends beyond Iran. It is another sign that crypto regulation, exchange compliance and sanctions enforcement are becoming increasingly important issues for the global digital-asset industry.