US Deals Heavy Blow to Iran’s Crypto Network: Two Exchanges Managing Millions of Dollars in Traffic Banned

The US Department of the Treasury has increased digital financial pressure on Tehran by blacklisting two cryptocurrency exchanges, Shelbit Exchange and Aban Tether, for providing funds to the Islamic Revolutionary Guard Corps.

As tensions between the US and Iran open a new front in the cryptocurrency world, the Washington administration has dealt a heavy blow to Tehran’s efforts to bypass the global financial system. The Office of Foreign Assets Control (OFAC), under the Treasury Department, has decided to impose sanctions on exchanges found to be linked to the Islamic Revolutionary Guard Corps (IRGC). This move encompasses not only the exchanges but also a network of companies and key figures operating in various countries such as Georgia, Poland, and the United Arab Emirates.

Millions of Dollars in On-Chain Data Flow Exposed

Data shared by OFAC reveals how transparent traces on the blockchain have turned into pieces of evidence. Investigations determined that over $1 million in funds flowed from wallets linked to the Islamic Revolutionary Guard Corps to Shelbit addresses, while more than $2 million was transferred from the exchange to military wallets. Additionally, it was discovered that over $2 million worth of cryptocurrency was sent from the wallets of Siavash Kayvanpour, who was added to the sanctions list, to Nobitex, Iran’s largest exchange.

Aban Tether sat at the center of this network, conducting millions of dollars in transaction volume with already-sanctioned Iran-based exchanges such as Nobitex, Wallex, Bitpin, and Ramzinex. This data clearly highlights the global footprint of the complex digital financial network used by the Iranian regime to evade sanctions.

US Crypto War Against Iran Deepens

Treasury Secretary Scott Bessent stated that Iran’s reliance on digital assets and shadow banking systems proves the success of the “Economic Fury” strategy implemented by the US. Bessent emphasized that they will continue to track and dismantle the illicit financial networks sustaining the regime across all sectors, whether in dollars, riyals, or cryptocurrencies.

This latest move is seen as part of the US goal to completely cut off Tehran from foreign exchange and global markets. Previously, platforms such as Zedcex and Zedxion in January and Nobitex in June were targeted. Last month, after four wallets linked to the Central Bank of Iran were added to the sanctions list, Tether, the largest stablecoin issuer, froze approximately $131 million worth of assets in those wallets.