U.S. Treasury sanctions two Iran-linked crypto exchanges

The United States imposed sanctions on two cryptocurrency exchanges and a network of companies on August 7, alleging they laundered billions of dollars for Iran's military. The Treasury Department's Office of Foreign Assets Control designated Shelbit Exchange, Aban Tether, and Iranian national Siavash Kayvanpour, along with several companies he controls.

The sanctions are part of the ongoing "Economic Fury" campaign targeting Iran's financial networks. Treasury officials allege the exchanges facilitated illicit cryptocurrency activity and sanctions evasion, with proceeds supporting Iran's Islamic Revolutionary Guard Corps. Treasury Secretary Scott Bessent stated that the Iranian regime's reliance on digital assets and shadow banking networks is evidence the campaign is working. He vowed to continue increasing economic pressure and to dismantle the illicit financial networks that keep the regime afloat.

According to the Treasury Department, digital wallets linked to the IRGC sent over $1 million in cryptocurrency to addresses tied to Shelbit. The exchange allegedly sent more than $2 million back to IRGC-controlled wallets and transferred another $2 million to Nobitex, an Iranian...