OFAC Targets Shelbit and Aban Tether in Iran Sanctions Case
OFAC sanctioned Shelbit Exchange and Aban Tether over alleged Iran sanctions evasion and crypto activity supporting the IRGC.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned digital asset exchanges Shelbit Exchange and Aban Tether, along with Siavash Kayvanpour and related companies, over alleged Iranian sanctions evasion and illicit cryptocurrency activity supporting the Islamic Revolutionary Guard Corps (IRGC).
OFAC Targets Digital Asset and Corporate Networks
In an official U.S. Department of the Treasury press release issued on August 7, 2026, OFAC said Iranian actors used unlicensed or lightly regulated digital currency exchange platforms, corporate networks and an online gambling enterprise to obscure the origin of funds. Treasury said the proceeds were ultimately laundered for the benefit of the IRGC and regime-connected individuals.
The action centers on Siavash Kayvanpour, who operates a multi-nation network of companies supporting illicit digital currency activity, according to Treasury. Through Georgia-based SHPS Shelbit, Kayvanpour operates Shelbit Exchange. Treasury said digital currency addresses belonging to the IRGC sent more than $1 million in digital assets to Shelbit Exchange addresses, while Shelbit Exchange addresses transferred more than $2 million to IRGC addresses.
Treasury also said addresses belonging to or controlled by Kayvanpour sent more than $2 million in digital assets to previously designated Iranian exchange Nobitex. Shelbit serviced a large Persian-language gambling website network, and Treasury said tens of millions of dollars in digital assets from that network were laundered through the exchange.
Treasury Secretary Scott Bessent said the action reflected the Iranian regime’s reliance on digital assets and shadow banking networks and that Treasury would continue increasing economic pressure and dismantling illicit financial networks supporting the regime.
Aban Tether and Related Companies Included
OFAC also designated Iran-based Aban Tether under Executive Order 13902 for operating in the Iranian financial sector. Treasury said the platform processed millions of dollars in transactions involving previously designated Iranian digital asset exchanges, including Nobitex, Wallex, Bitpin and Ramzinex.
The designations also cover Poland-based Shelbit Technologies Ltd, which Treasury said Kayvanpour owns, as well as UAE-based Crypto Home DMCC and NFT Home DMCC, for which Kayvanpour is the sole manager. UAE-based Shelbit General Trading LLC, which operates commercially as Shelbit Exchange, was also designated. The UAE’s Virtual Assets Regulatory Authority issued enforcement actions against Shelbit General Trading LLC in January 2025 and July 2026, according to Treasury. VARA separately took enforcement action against Crypto Home in January 2025.
As detailed in Reuters reporting, the designation followed a Reuters investigation into Shelbit’s alleged role in an Iranian sanctions-evasion scheme.
Sanctions Implications
All property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC, Treasury said. Entities owned 50% or more, directly or indirectly, by one or more blocked persons are also blocked.
Unless authorized or exempt, OFAC regulations generally prohibit transactions by U.S. persons or within, or transiting, the United States involving property or interests in property of blocked persons. Treasury said violations may result in civil or criminal penalties and that financial institutions and other persons may face sanctions exposure for certain transactions involving designated or otherwise blocked persons.
