US Treasury targets crypto exchanges over Iran sanctions evasion

The sanctions target Iranian national Siavash Kayvanpour and a sprawling network of front companies operating across Georgia, Poland, and the United Arab Emirates. According to Treasury officials, IRGC-linked wallets moved over $1 million in crypto to Shelbit, while the exchange allegedly funneled more than $2 million back to entities controlled by the guard corps. Kayvanpour’s own digital wallets reportedly transferred an additional $2 million to Nobitex, Iran's largest cryptocurrency exchange.

Aban Tether faces similar accusations for processing transactions on behalf of previously sanctioned platforms, including Wallex, Bitpin, and Ramzinex. While Shelbit and Nobitex have denied knowingly engaging in illicit finance, the designation effectively freezes all assets belonging to the named parties that enter U.S. jurisdiction. Treasury Secretary Scott Bessent stated that the government intends to dismantle the financial networks supporting the Iranian regime, regardless of whether they utilize dollars, rials, or cryptocurrency.

This action follows a broader pattern of enforcement, including the recent freezing of $131 million in central bank-linked crypto. By publishing specific wallet addresses across the Bitcoin, Ethereum, Tron, and Solana networks, the Treasury is now forcing global crypto firms to update their transaction-screening systems. Foreign entities that knowingly process transactions for these designated parties may now face secondary sanctions, further isolating the Iranian digital asset ecosystem.