Overview
- The Treasury’s Office of Foreign Assets Control added Shelbit, Aban Tether and operator Siavash Kayvanpour to the Specially Designated Nationals list on Friday, Aug. 7, blocking any U.S.-touching property and transactions with U.S. persons.
- OFAC cited blockchain tracing that showed IRGC-linked addresses sent over $1 million to Shelbit and that Shelbit returned more than $2 million to IRGC wallets, while Kayvanpour-linked addresses sent more than $2 million to the already sanctioned Iranian exchange Nobitex.
- The designations use executive authorities targeting Iran’s financial and terrorism links and include coordination with IRS‑Criminal Investigation and a State Department Rewards for Justice offer of up to $15 million for tips.
- Dubai’s VARA had previously flagged Shelbit for compliance problems and Shelbit has denied knowingly aiding illicit activity, a dispute that highlights gaps in regulation for cross-border or lightly supervised crypto firms.
- The move tightens pressure on exchanges, stablecoin issuers and foreign intermediaries by increasing secondary‑sanctions risk and raising the likelihood that custodial providers will freeze or block suspect funds, which could further restrict Iran’s access to foreign currency and remittance channels.