The US Treasury has sanctioned two cryptocurrency exchanges and an Iranian national over allegations they facilitated illicit financial transactions linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).
The Office of Foreign Assets Control (OFAC) added Shelbit, Aban Tether, and Iranian national Siavash Kayvanpour to its sanctions list, accusing them of enabling the IRGC to evade economic restrictions through crypto transfers. Treasury Secretary Scott Bessent emphasised the US’s commitment to disrupting Iran’s “illicit financial networks”.
Sanctions were imposed following evidence that IRGC-controlled wallets sent over $1 million in cryptocurrency to Shelbit, while wallets linked to Kayvanpour transferred $2 million to Nobitex, another Iranian exchange. OFAC also froze $131 million in digital assets tied to Iranian entities in June.
Zedcex and Zedxio, designated as sanctioned entities in January, were accused of facilitating transactions for the IRGC. The Treasury described the measures as part of a broader strategy to apply “economic pressure” on Iran’s financial system.
Bessent stated: “Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.” The sanctions mark a deepening of US efforts to counter Iran’s use of cryptocurrency for sanctions evasion.
Written by Rebecca Shaw
Industry Desk
