The U.S. Treasury's Office of Foreign Assets Control has sanctioned two cryptocurrency exchanges, Shelbit and Aban Tether, in a move that widens Washington's crackdown on Iran's use of digital assets. The action, announced this week, is part of a broader effort to restrict Iran's access to cryptocurrency and foreign currency, according to the Treasury.
Why OFAC moved
The designation targets exchanges that the U.S. says are part of a network enabling Iran to move money outside the traditional banking system. By cutting off these platforms from the U.S. financial system, OFAC aims to choke off a channel Tehran has used to circumvent sanctions. The Treasury did not provide specific allegations against either exchange, but the action fits into a pattern of escalating pressure on Iran's crypto infrastructure.
What the sanctions do
As with all OFAC designations, the sanctions freeze any U.S.-based assets belonging to Shelbit and Aban Tether and prohibit U.S. persons and companies from transacting with them. That includes providing services, software, or other support. Violations can lead to civil penalties or criminal charges. The practical effect is that the two exchanges are cut off from the U.S. dollar system and any U.S.-linked customers.
A widening crackdown
The move marks the latest step in a broader campaign against Iran's crypto usage. Over the past year, U.S. regulators have increasingly targeted digital currency platforms that operate outside traditional financial oversight, particularly those linked to sanctioned jurisdictions. By adding Shelbit and Aban Tether to the list, the Treasury is signaling that it intends to keep closing off every avenue Iran might use to access foreign currency and bypass sanctions.
The sanctions take effect immediately. U.S. entities and individuals are now barred from any dealings with the two exchanges. The action is the clearest sign yet that the U.S. considers crypto a critical front in its financial pressure campaign against Iran.
