As part of its ongoing “Economic Fury” campaign, the US Treasury has sanctioned two cryptocurrency exchanges—Shelbit and Aban Tether—for helping facilitate financial transactions for Iran’s Islamic Revolutionary Guard Corps (IRGC).

Shelbit: Despite being registered in Dubai and lacking obvious ties to Iran, this exchange allegedly processed a massive $6.3 billion over two years. The Treasury describes it as a key financial hub for Iran’s illicit economy, moving millions for both the IRGC and a massive illegal gambling network. Shelbit’s operator, Siavash Kayvanpour, and his international businesses were also personally sanctioned.

Aban Tether: This exchange, which is based in Iran, was sanctioned for doing business with other previously blacklisted Iranian crypto platforms.

This marks the fourth time this year the US has targeted Iranian crypto operations, with Treasury Secretary Scott Bessent stating that the aggressive pressure campaign is working.

Ultimately, the article highlights how cryptocurrency is being used to bypass the slow monitoring of traditional banking systems to evade sanctions. The crackdown on Shelbit serves as a warning to institutional investors that even offshore, seemingly non-Iranian crypto platforms can harbor massive compliance risks.