Treasury Sanctions Iran-Linked Crypto Exchanges Shelbit and Aban Tether Under Economic Fury Campaign
Bitcoin's role in global finance isn't only showing up in White House press releases. Earlier this month it showed up in a Treasury Department sanctions order aimed at Iran.
TWO EXCHANGES, ONE SANCTIONS NET
The U.S. Department of the Treasury's Office of Foreign Assets Control is moving against digital asset exchanges that the Iranian regime relies on to launder billions of dollars, maintain covert access to international financial systems, and support the Islamic Revolutionary Guard Corps, among other terrorist groups. This action targets two major digital asset exchanges used by Tehran, along with the ringleader of a network of front companies operating across multiple jurisdictions, facilitating illicit cryptocurrency activity and sanctions evasion. OFAC targeted Shelbit Exchange and Iran-based Aban Tether, according to a Friday press release.
THE MAN BEHIND THE NETWORK
Siavash Kayvanpour, who was born in Iran, has additional citizenship from Dominica and Afghanistan, and has resided in the United Arab Emirates, operates a multi-nation network of companies that support illicit digital currency activity. Treasury laid out specific flows tying his network to the IRGC. IRGC-linked wallets sent more than $1 million in crypto to Shelbit addresses while more than $2 million flowed from Shelbit addresses to IRGC wallets, the Treasury said.
ECONOMIC FURY AND THE BESSENT LINE
Treasury is framing the action as part of a broader pressure campaign it calls Economic Fury. "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."
This isn't Treasury's first pass at Iran's crypto rails this year. The action extends a 2026 crackdown that has targeted Nobitex, other Iranian exchanges and crypto wallets linked to Iran's central bank.
The headline is not flattering to the industry on its face. But the specifics point to something bigger than one sanctions order. Bessent's own line, that the pressure applies whether the money moves in dollars, rials, or crypto, is Treasury putting digital assets on the same list as the dollar itself as a tool of state power. Bitcoin and the broader crypto rails are now a fixture of how Washington fights its economic wars, not a sideshow to them.
This story comes from the Simply Bitcoin Live show. Watch the full episode.
