U.S. Treasury Designates Exchanges for Laundering Millions to Iran’s Revolutionary Guard

Treasury Designates Exchanges in Crackdown on Iranian Military Financing

The U.S. Treasury’s Office of Foreign Assets Control announced on August 7, 2026, a significant enforcement action against cryptocurrency platforms allegedly facilitating financial transfers for Iran’s Revolutionary Guard. The simultaneous designation of Shelbit Exchange and Aban Tether represents a key component of a broader regulatory campaign called “Economic Fury,” specifically designed to disrupt illicit Iranian financial networks operating through digital assets and shadow banking channels worldwide.

The Shelbit Exchange Network and Siavash Kayvanpour’s Multi-Country Operation

Central to the enforcement action is Siavash Kayvanpour, an Iran-born financial operator holding citizenship in both Dominica and Afghanistan. Through complex corporate arrangements, Kayvanpour directed a sophisticated network spanning Georgia, the United Arab Emirates, Poland, and Iran. Operating primarily through his Georgian firm SHPS Shelbit, he established Shelbit Exchange, which Treasury officials documented as receiving over $1 million in cryptocurrency transfers from wallets affiliated with Iran’s armed forces. The exchange subsequently returned more than $2 million to Iranian-controlled addresses, completing a financial circuit designed to obscure the military’s asset movements and evade sanctions detection.

Treasury investigators also documented that Shelbit transferred approximately $2 million to Nobitex, a Tehran-based cryptocurrency exchange previously sanctioned for supporting terrorist financing activities. Beyond facilitating military funds, the exchange allegedly processed tens of millions from Persian-language online gambling platforms, diversifying its revenue sources within illicit financial networks.

Notably, the UAE’s Virtual Assets Regulatory Authority (VARA) had already taken enforcement actions against Shelbit General Trading in January 2025 and again in July 2026, yet the platform continued operating. Treasury’s designation simultaneously targeted Poland-based Shelbit Technologies and UAE entities operating as Crypto Home and NFT Home DMCC, all connected to Kayvanpour’s operations.

Aban Tether and the Expansion of Sanctions Enforcement

The second designated platform, Aban Tether, operated from Iran and facilitated millions in cryptocurrency transactions with previously sanctioned Iranian exchanges including Wallex, Bitpin, and Ramzinex. Both entities’ designations fall under authorities targeting Iran’s financial sector and organizations supporting designated terrorist entities.

Inclusion on the Specially Designated Nationals (SDN) List results in the freezing of any assets within U.S. jurisdiction and exposes foreign financial institutions to secondary sanctions for continued business with these entities. Treasury Secretary Scott Bessent characterized Iran’s accelerating reliance on digital assets and shadow banking infrastructure as evidence supporting the Economic Fury campaign’s effectiveness. The State Department simultaneously announced a $15 million reward program for actionable intelligence disrupting Iranian military financial operations.

This enforcement action reflects how cryptocurrency exchanges increasingly face regulatory pressure reshaping operational risk profiles and compliance obligations throughout the global digital asset industry.

Source: OFAC (U.S. Treasury), via Decrypt. Not financial advice.