US Treasury Sanctions Crypto Exchanges Linked to Iran’s IRGC
Summary
- The US Treasury Department said it had sanctioned two digital asset exchanges that helped the Islamic Revolutionary Guard Corps (IRGC) launder money and evade sanctions, along with the head of a front-company network.
- The sanctions include Siavash Keyvanpour, his exchange Shelbit, and Iran-based exchange Avan Tether. The Treasury said they processed transactions worth millions of dollars with Nobitex, Wallex and Bitpin.
- The US-based assets of the sanctioned individuals and companies will be frozen, and all transactions with US citizens and US companies will be banned. The State Department also said it plans to offer a reward of up to $15 million for information that helps dismantle the IRGC’s money-laundering mechanisms.
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The US Treasury Department imposed sanctions on cryptocurrency exchanges that helped Iran’s Islamic Revolutionary Guard Corps, or IRGC, launder money and evade sanctions.
The Treasury’s Office of Foreign Assets Control said on Aug. 7 it designated two digital-asset exchanges and the head of a front-company network used to support the Iranian regime and terrorist groups including the IRGC while covertly accessing the international financial system.
Those targeted include Siavash Keyvanpour, who the Treasury said led illicit crypto activity through front companies set up in Georgia, Poland and the United Arab Emirates, as well as his exchange Shelbit and Iran-based exchange Avan Tether.
Shelbit exchanged millions of dollars with crypto wallets owned by the IRGC, the Treasury said. It also transferred large amounts of money to Nobitex, Iran’s biggest exchange, which is already under sanctions. Avan Tether also processed transactions worth millions of dollars with previously sanctioned Iranian exchanges including Nobitex, Wallex and Bitpin.
Treasury Secretary Scott Bessent said Iran’s reliance on digital assets and shadow banking networks showed that Washington’s economic pressure campaign was working. The US will continue tracking and dismantling illicit financial networks that sustain the Iranian regime, whether they use dollars, rials or cryptocurrencies, he added.
Under the move, all US-based assets of the sanctioned individuals and entities will be frozen. Transactions with US citizens and US companies are also barred. The State Department said it plans to offer a reward of up to $15 million for information that helps disrupt the IRGC’s money-laundering mechanisms.
