OFAC Targets Two Cryptocurrency Platforms Over Iranian Regime Connections
Federal authorities have imposed sanctions on one person and a pair of cryptocurrency platforms accused of enabling the laundering of approximately $5 million in cryptocurrency tied to Iranian interests.
The Office of Foreign Assets Control (OFAC), operating under the US Treasury Department, has revealed sanctions targeting a pair of cryptocurrency platforms that officials claim "the Iranian regime relies on to launder billions of dollars" as tensions between the nations continue to escalate militarily.
Through a Friday announcement, OFAC revealed it had imposed restrictions on cryptocurrency platforms Shelbit and Aban Tether due to their role in "facilitating illicit cryptocurrency activity and sanctions evasion," with the financial gains being channeled to Iran's Islamic Revolutionary Guard Corps (IRGC). Additionally, the federal agency sanctioned Siavash Kayvanpour, an Iranian citizen, along with cryptocurrency wallets and businesses connected to him, including one entity that runs Shelbit.
"We will continue to increase the economic pressure," said Treasury Secretary Scott Bessent. "Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat."
Based on information from the US Treasury, cryptocurrency wallets under IRGC control transferred over $1 million in digital currencies to wallet addresses associated with Shelbit, whereas wallets connected to Kayvanpour transmitted $2 million worth of cryptocurrency to Nobitex, an Iranian platform that was included on the US' sanctioned entities roster in June. The agency further stated that Shelbit had enabled the movement of $2 million in cryptocurrency to wallets controlled by the IRGC.
The actions taken by OFAC represent the most recent efforts by US authorities to target Iran's financial infrastructure during the ongoing military confrontation between both nations. In January, the department classified cryptocurrency platforms Zedcex and Zedxio as sanctioned organizations and seized $131 million from wallets associated with Iran in June.