WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is moving against digital asset exchanges that the Iranian regime relies on to launder billions of dollars, maintain covert access to international financial systems, and support the Islamic Revolutionary Guard Corps (IRGC), among other terrorist groups. This action targets two major digital asset exchanges used by Tehran, along with the ringleader of a network of front companies operating across multiple jurisdictions, facilitating illicit cryptocurrency activity and sanctions evasion. Iranian actors exploited unlicensed or lightly regulated digital currency exchange platforms to transfer large volumes of digital assets. They executed this scheme through sprawling corporate networks and an extensive online gambling enterprise that obscured the origin of the funds and ultimately laundered the 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,” said Secretary of the Treasury Scott Bessent. “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.”
Today’s action builds on OFAC’s sustained sanctions campaign under the President’s National Security Presidential Memorandum 2 (NSPM-2), reinforcing the policy of maximum economic pressure on Iran. For more information on sanctions risk associated with Iranian digital asset exchanges, including secondary sanctions risk, please see FAQ 1250 and FAQ 1257.
OFAC developed this action in coordination with the Internal Revenue Service-Criminal Investigation (IRS-CI). The U.S. Department of State’s Rewards for Justice (RFJ) program 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. More information is available on the RFJ website.
IRANIAN DIGITAL ASSET EXCHANGES: ELABORATE SANCTIONS EVASION SCHEMES
Siavash Kayvanpour (Kayvanpour), who was born in Iran, has additional citizenship from Dominica and Afghanistan, and has resided in the United Arab Emirates, operates a multi-nation network of companies that support illicit digital currency activity. Kayvanpour, through his Republic of Georgia-based company, SHPS Shelbit (Shelbit), operates the Shelbit Exchange (Shelbit Exchange). Digital currency addresses belonging to the IRGC have sent the equivalent of over $1 million in digital assets to Shelbit Exchange digital currency addresses. More than the equivalent of $2 million has also been transferred from Shelbit Exchange addresses to IRGC digital currency addresses. Additionally, digital currency addresses belonging to or controlled by Kayvanpour have sent over $2 million in digital assets to U.S.-designated Nobitex. Kayvanpour is being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of the IRGC and Nobitex, which are both persons whose property and interests in property are blocked pursuant to E.O. 13224.
Shelbit services a large Persian-language gambling website network run by a pair of Iranian influencers who live luxurious lives outside of Iran. Tens of millions of dollars of this gambling network’s digital assets were laundered through Shelbit. Although the two Iranian influencers were convicted of illegal gambling in Iran in 2023, their gambling websites still have access to Iran’s online payments systems, which the Central Bank of Iran tightly regulates. The Iranian regime’s willingness to allow this gambling network to operate highlights its hypocrisy and corruption.
UAE-based Shelbit General Trading LLC (General Trading) operates commercially as “Shelbit Exchange.” The UAE’s Virtual Assets Regulatory Authority (VARA) issued enforcement actions against General Trading in January 2025 and July 2026, but General Trading remains in business. General Trading is being designated pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, or having acted or purported to act for or on behalf of, directly or indirectly, Shelbit.
In addition to Shelbit, Kayvanpour owns Poland-based Shelbit Technologies Ltd Spółka Z Ograniczoną Odpowiedzialnością W Likwidacji (Shelbit Technologies Ltd). Kayvanpour also is the sole manager of UAE-based Crypto Home DMCC (Crypto Home) and UAE-based NFT Home DMCC (NFT Home). In January 2025, VARA took enforcement action against Crypto Home. Shelbit, Shelbit Technologies Ltd, Crypto Home, and NFT Home are being designated pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, or having acted or purported to act for or on behalf of, directly or indirectly, Kayvanpour.
Aban Tether is another Iran-based digital asset exchange. It has processed millions of dollars' worth of transactions involving previously designated Iranian digital asset exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex. OFAC is designating Aban Tether pursuant to E.O. 13902 for operating in the financial sector of the Iranian economy.
SANCTIONS IMPLICATIONS
All property and interests in property of the persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons.
Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Individuals located in the U.S. or abroad who provide information about sanctions violations to the Financial Crimes Enforcement Network’s whistleblower incentive program may be eligible for awards if the information they provide leads to a successful enforcement action that results in monetary penalties exceeding $1,000,000.
The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC’s guidance on Filing a Petition for Removal from an OFAC List.