U.S. widens Iran crypto crackdown with sanctions on two exchanges

The U.S. Treasury Department has sanctioned two crypto exchanges, Shelbit Exchange and Iran-based Aban Tether, for allegedly aiding Iran in moving money outside the traditional banking system, according to a Friday press release. The agency also targeted Siavash Kayvanpour and several associated companies in Georgia, Poland, and the United Arab Emirates.

The sanctions come as part of Washington's broader effort to cut Iran off from digital asset networks and financial markets, with Treasury Secretary Scott Bessent stating that the move is evidence of the effectiveness of the "Economic Fury" strategy. The Treasury cited evidence that IRGC-linked wallets sent over $1 million in crypto to Shelbit addresses, while over $2 million flowed from Shelbit addresses to IRGC wallets.

Additionally, Aban Tether processed millions of dollars in transactions involving sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex. The sanctions are part of a series of U.S. measures against Iran's crypto finance network, including the sanctioning of Zedcex and Zedxion in January and the blacklisting of Nobitex in June.