US Treasury Sanctions Two Iranian Crypto Exchanges Over IRGC Money Laundering
The US Treasury sanctioned two Iranian digital asset exchanges, Shelbit and Aban Tether, together with community operator Siavash Kayvanpour, over crypto transfers tied to Iran’s Islamic Revolutionary Guard Corps (IRGC).
The Office of Foreign Assets Control (OFAC) issued the designations on Friday. The designations mark the most recent US strike on Iran’s crypto rails this 12 months.
How The Shelbit Network Moved Crypto
IRGC crypto addresses despatched greater than $1 million into the Shelbit Exchange. Over $2 million then flowed from Shelbit again to Guard wallets, based on OFAC.
Kayvanpour, an Iranian-born operator, ran Shelbit from Georgia and constructed entrance firms in Poland and the UAE. His wallets despatched greater than $2 million to Nobitex, Iran’s largest crypto trade, which OFAC blocked in June.
OFAC additionally stated Shelbit laundered tens of hundreds of thousands for a Persian-language playing community. Reuters earlier reported that Shelbit routed $676 million to Binance.
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Aban Tether and The Iran Sanctions Campaign
Aban Tether, a separate Iran-based trade, processed hundreds of thousands in transactions with beforehand blocked platforms Nobitex, Wallex, Bitpin, and Ramzinex. Treasury cited Executive Order 13902, which targets companies working in Iran’s monetary sector.
“Whether in {dollars}, rials, or crypto, Treasury will search out and dismantle illicit monetary networks,” Scott Bessent, Treasury Secretary, said.
The transfer extends the US maximum pressure campaign on Iran, carried out beneath National Security Presidential Memorandum 2 (NSPM-2). Stablecoin issuers have moved quick on previous listings, freezing Iranian wallets after the designation.
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