The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added crypto exchanges Shelbit and Aban Tether to its sanctions list, accusing them of laundering funds for Iran’s Islamic Revolutionary Guard Corps (IRGC). This was stated in a release by the department.
The sanctions are part of the “Economic Fury” campaign, a policy of maximum pressure on Tehran implemented by the administration of U.S. President Donald Trump under NSPM-2.
“The Iranian regime’s reliance on digital assets and shadow banking networks is further proof that ‘Economic Fury’ is working. Whether it’s dollars, rials, or cryptocurrency, the department will identify and dismantle illicit financial networks that keep the regime afloat,” said U.S. Treasury Secretary Scott Bessent.
Network of Companies in Four Jurisdictions
OFAC identified Siavash Kaivanpour, an Iranian native with citizenship in Dominica and Afghanistan residing in the UAE, as the operator of Shelbit. According to the regulator, he manages the exchange through the Georgia-registered company SHPS Shelbit.
The department claims that over $1 million in digital assets from IRGC addresses were sent to Shelbit, with more than $2 million sent back. Additionally, around $2 million from addresses controlled by Kaivanpour were transferred to the sanctioned Iranian exchange Nobitex.
In addition to the Georgian SHPS Shelbit, the sanctions also targeted UAE-registered Shelbit General Trading LLC (operating as Shelbit Exchange), Polish Shelbit Technologies Ltd (in liquidation), and UAE-based Crypto Home DMCC and NFT Home DMCC.
Dubai’s Virtual Assets Regulatory Authority (VARA) issued directives against General Trading in January 2025 and July 2026, but the company continued operations. Similar measures were applied to Crypto Home.
OFAC linked Shelbit to laundering tens of millions of dollars from a network of over 2,000 Persian-language gambling sites promoted by two Iranian influencers. Both were convicted in Iran for illegal gambling back in 2023, yet their platforms retained access to the national payment system, tightly controlled by the Central Bank.
The second platform, Aban Tether, was sanctioned for its operations in Iran’s financial sector. According to the department, it facilitated transactions worth millions of dollars involving Nobitex, Wallex, Bitpin, and Ramzinex, which were previously sanctioned.
The sanctions followed a Reuters investigation that reported Shelbit processed at least $4 billion over two years involving Iranian gambling sites, the country’s Central Bank, and IRGC-linked entities. The agency claims part of the funds went to international crypto exchanges.
In May, journalists reported that Nobitex is controlled by the influential Kharrazi clan, which has been part of Iran’s leadership circle for decades.
