US Sanctions Two More Iranian Crypto Exchanges in 'Economic Fury' Push

US Treasury sanctions two Iranian-linked crypto exchanges

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned two crypto exchanges, Shelbit and Aban Tether, on 7 August 2026. OFAC said both platforms helped Iran move money outside the traditional banking system and support the Islamic Revolutionary Guard Corps (IRGC). The step widened a 2026 campaign, named Economic Fury, against digital-asset networks that Washington ties to Tehran. Treasury Secretary Scott Bessent framed the designations as proof that sustained economic pressure on the Iranian regime is taking effect.

"The Iranian regime's reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working", 7 August 2026. — Scott Bessent, Secretary of the Treasury, US Department of the Treasury

IRGC-linked wallets moved millions through Shelbit

According to the Treasury, IRGC-linked wallets sent more than $1 million in crypto to Shelbit addresses, while more than $2 million flowed from Shelbit addresses back to IRGC wallets. Shelbit is an unlicensed, Dubai-registered platform. Blockchain-analytics firm TRM Labs traced more than $6.3 billion in blockchain flows through the exchange between May 2024 and March 2026, describing it as a settlement layer for Iran's illicit economy. The firm said the volumes reflect years of activity, not a single transfer.

OFAC targets the network behind the exchanges

OFAC also sanctioned Siavash Kayvanpour and several companies tied to him in Georgia, Poland, and the United Arab Emirates. Wallets controlled by Kayvanpour sent over $2 million to Nobitex, Iran's largest crypto exchange, the Treasury said. Aban Tether processed millions of dollars in transactions with previously designated Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex. Treasury described the wider structure as a web of front companies and shadow banking channels used to obscure the origin of funds.

Sanctions cut both firms off from US finance

The designations add Shelbit and Aban Tether to the Specially Designated Nationals (SDN) List, the US blocklist of people and firms barred from the American financial system. Any property they hold within US reach is frozen, and US persons are generally prohibited from dealing with them. Foreign firms that keep transacting with the exchanges risk secondary sanctions. The measures rely on OFAC sanctions authority rather than a new order specific to the two platforms.

Tether trades near its dollar peg amid the crackdown

The campaign puts pressure on stablecoin issuers to identify and block Iran-linked funds before they move. Tether (USDT), the largest stablecoin, traded at $0.9994 with a market capitalization of about $183 billion at the time of publication (CoinPaprika, 8 August 2026). Its near-dollar price shows why sanctioned actors turn to tokens that hold value, even though public blockchains leave a trail that analytics firms and investigators can follow.

Sanctions extend a widening 2026 crackdown on Iran

The action is the latest in a series of US measures against Iran's crypto finance network in 2026. In January, the Treasury sanctioned Zedcex and Zedxion, the first crypto exchanges targeted under its Iran-specific financial sanctions. In June, it blacklisted Nobitex and several other Iranian exchanges. The Treasury also sanctioned crypto wallets linked to Iran's central bank in a separate step earlier in 2026.

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