The United States Office of Foreign Assets Control (OFAC) sanctioned two crypto exchanges, Shelbit and Aban Tether, on August 7, 2026. The move, part of the “Economic Fury” campaign, cuts off access for both exchanges, which were proven to have laundered funds for Iranian networks.
The operation illustrates how illicit entities exploit cross-border regulatory loopholes. Shelbit is controlled by Siavash Kayvanpour, an Iranian citizen holding dual Dominican and Afghan passports. Through his company SHPS Shelbit, he managed operations from Georgia and the United Arab Emirates. The exchange did not merely facilitate ordinary transactions but also helped launder tens of millions of dollars from Persian-language online gambling networks.
Separately, Aban Tether processed millions of transactions involving US-blacklisted Iranian entities, such as Nobitex, Wallex, Bitpin, and Ramzinex. Decrypt reports that their money laundering scale reached millions of dollars, while separate data indicates a flow of digital assets worth $5 million specifically within a certain laundering context.
Why Local Regulatory Actions Are Not Enough
The Shelbit case demonstrates operational resilience amid local pressure. The Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates actually took action against the Shelbit General Trading entity in January 2025. The same regulator imposed subsequent measures in July 2026. Despite twice running afoul of regulations in its jurisdiction, the exchange continued to process transactions until the US finally intervened.
US Treasury Secretary Scott Bessent reaffirmed his agency’s stance in response to these operations. “Whether in dollars, rials, or crypto, the Treasury Department will track and dismantle the illicit financial networks that keep the regime afloat,” Bessent said. This August campaign continues a string of OFAC sanctions against Iran-linked crypto entities throughout the year, including the blocking of the Zedcex and Zedxio exchanges in January and the freezing of $131 million worth of assets last June.
Threats to Cross-Border Business Partners
The inclusion of all these entities in the Specially Designated Nationals (SDN) list carries binding consequences. For the exchanges and individuals concerned, these sanctions immediately freeze their properties under US jurisdiction.
The impact of this enforcement also pressures third parties. SDN status triggers the risk of secondary sanctions for any entity dealing with this network. Foreign companies caught continuing to facilitate transactions for Shelbit or Aban Tether are in OFAC’s crosshairs. For their business partners, the only remaining choices are to sever commercial ties immediately or prepare to lose access to the US financial system.
Reported by Decrypt.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
