US sanctions on Iran-linked crypto exchanges Shelbit and Aban Tether

The U.S. Treasury’s OFAC announced US sanctions on crypto exchanges Shelbit and Aban Tether, alleging they helped Iran evade restrictions and move funds linked to the IRGC. OFAC said IRGC-linked wallets sent more than $1m in crypto to Shelbit-linked addresses. Shelbit-linked wallets then transferred over $2m to IRGC-controlled addresses, and additional funds were routed to Nobitex, which the US also sanctioned. OFAC also accused Aban Tether of processing millions of dollars in transactions involving other already-sanctioned Iranian exchanges: Nobitex, Wallex, Bitpin and Ramzinex. The US previously sanctioned those exchanges in June, and Chainalysis estimated Nobitex accounts for about half of Iran’s crypto trading activity. These US sanctions are administrative designations (not criminal convictions). They can freeze assets and block “property and interests in property” within US jurisdiction. Traders and infrastructure providers—exchanges, stablecoin issuers and payment platforms—may face tighter compliance requirements, including updating wallet and counterparty screening. For market participants, the key near-term effect is compliance-driven de-risking of Iran-linked flows, with limited direct impact on broader liquid markets since no specific coin is targeted beyond sanctions-related restrictions tied to USDT/Tether-style routing mentioned in the broader context.