IRGC
Iran’s crypto lifeline exposed? US Treasury hits exchanges linked to IRGC
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned digital asset exchanges that it alleges are being used by the Iranian regime to launder billions of dollars, maintain covert access to international financial systems and support the Islamic Revolutionary Guard Corps (IRGC), among other terrorist groups.
The Treasury Department said the action targets two major digital asset exchanges allegedly used by Tehran, as well as the alleged ringleader of a network of front companies operating across multiple jurisdictions to facilitate illicit cryptocurrency activity and sanctions evasion.
“Iranian actors exploited unlicensed or lightly regulated digital currency exchange platforms to transfer large volumes of digital assets,” the department said in a statement.
According to the Treasury, the scheme involved sprawling corporate networks and an extensive online gambling enterprise that allegedly obscured the origins of funds and ultimately laundered illicit proceeds for the benefit of the IRGC and regime-connected individuals.
“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. “We will continue to increase the economic pressure. Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.”
The U.S. Department of State’s Rewards for Justice (RFJ) programme is also offering a reward of up to $15 million for information leading to the disruption of the financial mechanisms of Iran’s IRGC and its various branches, according to the Treasury statement.
US sanctions Iran-born crypto operator
The US has sanctioned Iran-born Siavash Kayvanpour, the founder of SHPS Shelbit.
According to the Treasury, Kayvanpour, who was born in Iran and holds additional citizenship from Dominica and Afghanistan, has lived in the United Arab Emirates and operates a multinational network of companies allegedly involved in illicit digital currency activity.
Through his Georgia-based company SHPS Shelbit (Shelbit), Kayvanpour operates the Shelbit Exchange.
The Treasury said digital currency addresses linked to the IRGC sent the equivalent of more than $1 million in digital assets to Shelbit Exchange addresses. More than $2 million was also transferred from Shelbit Exchange addresses to digital currency addresses linked to the IRGC.
Additionally, digital currency addresses belonging to or controlled by Kayvanpour allegedly transferred more than $2 million in digital assets to US-designated Nobitex.
Kayvanpour was designated under Executive Order 13224, as amended, for allegedly materially assisting, sponsoring or providing financial, material or technological support, or goods or services, to the IRGC and Nobitex, which are both subject to US sanctions under the order.
Shelbit linked to Persian-language gambling network
The Treasury said Shelbit also provides services to a large Persian-language online gambling network operated by two Iranian influencers who live outside Iran.
According to the department, tens of millions of dollars in digital assets linked to the gambling network were allegedly laundered through Shelbit.
The Treasury said the two influencers were convicted of illegal gambling in Iran in 2023, but their gambling websites continue to have access to Iran’s online payment systems, which are tightly regulated by the Central Bank of Iran.
The department said the continued operation of the network highlights what it described as the Iranian regime’s “hypocrisy and corruption.”
UAE, Poland-based firms also sanctioned
UAE-based Shelbit General Trading LLC operates commercially as Shelbit Exchange. The UAE’s Virtual Assets Regulatory Authority (VARA) issued enforcement actions against the company in January 2025 and July 2026, according to the Treasury.
Despite the enforcement actions, the company remains in business, the department said.
Shelbit General Trading LLC was designated under Executive Order 13224 for allegedly being owned, controlled or directed by, or acting on behalf of, Shelbit.
The Treasury also said Kayvanpour owns Poland-based Shelbit Technologies Ltd Spółka Z Ograniczoną Odpowiedzialnością W Likwidacji. He is also the sole manager of UAE-based Crypto Home DMCC and NFT Home DMCC.
VARA took enforcement action against Crypto Home in January 2025, according to the department.
Shelbit, Shelbit Technologies Ltd, Crypto Home and NFT Home were designated under Executive Order 13224 for allegedly being owned, controlled or directed by, or acting on behalf of, Kayvanpour.
Aban Tether also targeted
The second digital asset exchange targeted in the latest action is Aban Tether, an Iran-based cryptocurrency exchange.
According to the Treasury, Aban Tether has processed millions of dollars’ worth of transactions involving previously designated Iranian digital asset exchanges, including Nobitex, Wallex, Bitpin and Ramzinex.
OFAC designated Aban Tether under Executive Order 13902 for operating in the financial sector of the Iranian economy.
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