The U.S. Treasury Department has sanctioned two cryptocurrency exchanges it accuses of helping Iran move money outside the traditional banking system, broadening Washington's campaign against digital asset networks allegedly tied to the Islamic Revolutionary Guard Corps (IRGC).

The Treasury's Office of Foreign Assets Control (OFAC) designated Shelbit Exchange and Iran-based Aban Tether in a Friday press release. OFAC designations freeze any assets under U.S. jurisdiction and bar American persons from transacting with the targeted entities, effectively cutting them off from dollar-denominated commerce. The agency also sanctioned Siavash Kayvanpour along with several companies connected to him across Georgia, Poland, and the United Arab Emirates. While Aban Tether does not appear to be affiliated with the stablecoin issuer Tether, CoinDesk has reached out to Tether to confirm whether the two entities are unrelated.

Alleged Fund Flows Tied to the IRGC

According to the Treasury, IRGC-linked wallets sent more than $1 million in cryptocurrency to Shelbit addresses, while more than $2 million flowed in the opposite direction—from Shelbit addresses back to IRGC wallets. Wallets belonging to or controlled by Kayvanpour also transferred over $2 million to Nobitex, Iran's largest cryptocurrency exchange.

Aban Tether has processed millions of dollars in transactions involving sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex, the press release stated.

Broader Sanctions on Iran's Shadow Banking Network

In addition to the crypto exchanges, OFAC sanctioned a network of foreign exchange houses, shell companies, and individuals on Friday that it said enabled Iran's shadow banking system to move hundreds of millions of dollars, including funds tied to overseas oil sales. The coordinated action targeting both traditional and digital finance channels reflects a strategy of choking off every available avenue Tehran uses to convert sanctioned oil revenue into spendable currency.

"The Iranian regime's reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working," Treasury Secretary Scott Bessent said in a statement. "Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat."

Sanctions Amid the U.S.-Iran War

The designations come as the ongoing U.S.-Iran conflict has elevated the urgency of Washington's efforts to sever Tehran's access to foreign currency and global financial markets. While cryptocurrencies can provide sanctioned entities with an alternative channel for moving funds when traditional banking routes are closed, blockchain transactions also leave a public trail that investigators and blockchain analytics firms can trace. The dollar-pegged stablecoins that dominate Iranian crypto trading volumes have become a particular focus for regulators, as they allow users to hold dollar-like value without passing through U.S. banks.

A String of 2026 Actions Against Iran's Crypto Networks

Friday's measures are the latest in a series of U.S. actions targeting Iran's cryptocurrency finance infrastructure this year.

In January, the Treasury sanctioned Zedcex and Zedxion, marking the first cryptocurrency exchanges designated under its Iran-specific financial sanctions.

In June, the Treasury blacklisted Nobitex and several other Iranian crypto exchanges as part of its campaign against Tehran.

Last month, the U.S. sanctioned four cryptocurrency wallets linked to Iran's central bank. Following that action, Tether—the company behind the largest stablecoin, USDT—froze approximately $131 million held in those wallets. The Treasury also sanctioned two Iranian maritime insurance entities over an alleged scheme that funneled funds to the IRGC.

Pressure on Exchanges and Stablecoin Issuers

The expanding sanctions campaign is increasing pressure on cryptocurrency exchanges and stablecoin issuers to identify Iran-linked funds and prevent sanctioned entities from moving them. The speed with which Tether froze the central bank–linked wallets demonstrated that centralized stablecoin issuers retain the technical ability to immobilize tokens even after they reach foreign platforms—a capability that has made cooperation from issuers a key enforcement lever. As Washington continues to tighten the net around Tehran's financial networks, the role of digital assets in sanctions evasion—and the ability of regulators to trace and freeze them—remains a central front in the broader geopolitical conflict.

Source: CoinDesk