US Treasury sanctions Iranian exchange network for processing millions in crypto for IRGC

The US Treasury Department’s Office of Foreign Assets Control just added another layer of pressure to Iran’s illicit financial networks, this time going directly after a cluster of crypto exchanges allegedly processing millions in digital asset transactions for entities linked to Iran’s Islamic Revolutionary Guard Corps. The August 7 action targets Siavash Kayvanpour, the Shelbit Exchange, and affiliated companies including Shelbit General Trading LLC and Crypto Home DMCC. According to OFAC, these entities facilitated between $1 million and $2 million in digital asset transfers routed to IRGC-linked wallet addresses. The network behind the designations Shelbit wasn’t operating in isolation. OFAC’s designation also references Aban Tether, another entity sanctioned alongside the Shelbit network on the same day. Together, these platforms allegedly served as financial plumbing for sanctioned actors who had already been cut off from the traditional banking system. The transactions in question were tied to previously sanctioned entities, including Nobitex, one of Iran’s largest cryptocurrency exchanges. Nobitex has been on OFAC’s radar for years, and the Shelbit network apparently picked...