U.S. Treasury · Iran · Tether · State Department · Decrypt
Treasury Sanctions Crypto Exchanges It Confirms Laundered Millions for Iran
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The U.S. Treasury sanctioned two crypto exchanges it says laundered millions for Iran's Revolutionary Guard—naming one operator who ran the scheme from Georgia and the UAE, and a second platform based in Iran.
Key facts
- Treasury says Iranian armed forces-linked wallets sent over $1 million in crypto to Shelbit, and Shelbit sent more than $2 million back to Iranian wallets—plus another $2 million to Nobitex
- The UAE's Virtual Assets Regulatory Authority (VARA) took enforcement action against Shelbit General Trading in January 2025 and again in July 2026, but the exchange remained in business, Treasury
- The State Department's Rewards for Justice program is offering up to $15 million for information that disrupts the financial mechanisms of the IRGC, Iran’s military
- As of August 7, Shelbit Exchange, Aban Tether, and the named individuals are on the SDN List, their U.S.-touching assets blocked
Summary
OFAC designated Shelbit Exchange and Aban Tether, accusing both of moving funds for the Iranian armed forces and previously sanctioned Iranian exchanges. Treasury says Iran-linked wallets sent over $1 million to Shelbit, which sent more than $2 million back. The State Department is offering up to $15 million for tips disrupting the Iranian military's financial machinery. The U.S. OFAC announced the action on August 7 under its "Economic Fury" campaign.