U.S. Sanctions Iran-Linked Crypto Exchanges Shelbit and Aban Tether

OFAC is also going after exchange offices and shell companies in a wider network tied to Iran’s shadow banking system. Earlier, Tether froze $131 million in wallets linked to Iran’s central bank.

Key Takeaways

• The U.S. OFAC has imposed sanctions on the Iran-linked crypto exchanges Shelbit and Aban Tether.
• Washington is also targeting exchange offices, shell companies, and individuals that the U.S. says moved hundreds of millions of dollars through Iran's shadow banking system.
• The U.S. is expanding sanctions to exchanges, wallets, and stablecoin issuers, making crypto compliance and blockchain analysis more important.

The U.S. OFAC imposed sanctions on Friday against the Iran-linked crypto exchanges Shelbit and Aban Tether, in another step aimed at cutting Tehran off from foreign currency and crypto. The Treasury Department also moved against a network of exchange offices, shell companies, and individuals that, according to the U.S., funneled hundreds of millions of dollars through Iran's shadow banking system.

Pressure on Iran's Crypto Network

Treasury Secretary Scott Bessent said the action shows the U.S. strategy is working against what he called the Iranian regime's dependence on digital assets and shadow banking. He added that the department will continue to track down and break up illegal financial networks that help keep the regime running, whether they move money in dollars, rials, or crypto.

The sanctions land at a moment when the conflict between the U.S. and Iran has made the financial battle even more sensitive. Crypto can offer sanctioned actors an alternative when banks shut them out, but blockchain transactions also create a public record that investigators and analytics firms can trace.

New Move After Earlier Sanctions

Friday's action is part of a broader U.S. campaign against Iran's crypto financing. In January, Treasury added Zedcex and Zedxion to the sanctions list, making them the first crypto exchanges specifically targeted over Iran. In June, Nobitex and several other Iranian crypto exchanges were added after Washington accused them of transactions that allegedly supported the Islamic Revolutionary Guard Corps and helped with sanctions evasion.

Last month, the U.S. also sanctioned four crypto wallets linked to Iran's central bank. After that, Tether, the issuer of the largest stablecoin, froze about $131 million (€114 million) in those wallets. Two Iranian maritime insurance entities were also sanctioned over an alleged scheme that was said to have routed money to the IRGC.

What This Means for Crypto

For European crypto watchers, the main point is that the U.S. is taking a wider approach that now includes exchanges, wallets, and stablecoin issuers. That could put more pressure on firms that have to screen transactions and block sanctioned addresses, especially as blockchain analysis becomes more central to enforcement. It also shows that compliance in crypto is no longer just an exchange or Wallet issue, but part of a much broader sanctions effort tied to geopolitics.