# Dubai-Based Crypto Exchange Shelbit Sanctioned by US for Aiding Iran with Millions The US imposed sanctions on Shelbit and Aban Tether for allegedly helping Iran circumvent restrictions. - **Source:** [INCRYPTED](https://brifing.si/source/7cd4625d-3f08-4cc1-983d-4c7d991839ba) - **Published:** 2026-08-08 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/3d62d22b-2aa7-4f1f-8c63-c2eecf72e5b2 ## US Sanction Decision The US Treasury Department, through OFAC, imposed sanctions on Dubai-based Shelbit and Iranian Aban Tether crypto exchanges. These exchanges are accused of facilitating billions in illicit financing for Iran's IRGC and enabling large-scale sanctions evasion. According to Chainalysis data, Shelbit acted as an intermediary between IRGC structures and the global financial system. ## Shelbit's Role Shelbit, managed by Iranian-born Siavash Keivanpour, was used as a hub for money laundering. The platform received over $1 million from crypto wallets linked to IRGC and transferred over $2 million back to addresses associated with the organization. Keivanpour's network also transferred over $2 million to Nobitex, Iran's largest crypto exchange. ## Nobitex Connection In June 2026, OFAC added Nobitex to its sanctions list. Nobitex is alleged to have processed over 50% of all digital asset inflows into Iran. According to Chainalysis, Nobitex processed hundreds of millions in stablecoins as part of Iran Central Bank's currency stabilization operations. Shelbit reportedly received $125 million from Iran's Central Bank since 2024 and about $20 million from likely Iran-linked crypto mining operations. ## Money Laundering Network OFAC determined that Shelbit laundered tens of millions for a Persian-language gambling network. This network used Iran Central Bank's regulated payment system before moving some funds back to IRGC structures. Aban Tether was also found to have direct links to this gambling network. ## Aban Tether's Transactions Aban Tether processed millions in transactions with previously sanctioned Iranian platforms including Nobitex, Wallex, Bitpin and Ramzinex. Both platforms received funds from crypto addresses linked to IRGC and sanctioned individuals. The sanctions highlighted the role of stablecoins in Iran's financial operations. ## Tether's Action Tether, collaborating with US law enforcement, froze $344 million in USDT allegedly linked to transactions through Iranian exchanges and addresses affiliated with Iran's Central Bank. This move caused ripples in the crypto market and aims to enhance sanctions effectiveness. ## Nobitex's Trading Volume Despite decreased activity in 2026, Nobitex remains Iran's key crypto hub. Global Ledger data shows the platform processed about $4.61 billion in Bitcoin, Ethereum, Litecoin, TRX and USDT from 2020 to mid-May 2026. However, its average monthly trading volume in 2026 dropped approximately 18-fold from its 2024 peak. ## Impact of Sanctions The US sanctions revealed how crypto exchanges are being used to circumvent restrictions. It became clear that Iran is using crypto infrastructure to move funds despite international sanctions. These developments underscore the need for enhanced oversight in the global financial system. ## Sources covering this story - https://incrypted.com/kryptobyrzha-yz-dubaja-shelbit-popala-pod-sanktsyy-ssha/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._