The US Treasury’s Office of Foreign Assets Control sanctioned crypto exchanges Shelbit and Aban Tether on August 7, accusing both of moving funds for Iran’s Islamic Revolutionary Guard Corps and widening a campaign that has now designated Iran-linked crypto platforms roughly every month or two since January.

OFAC’s numbers describe Shelbit as considerably more than a peripheral player: blockchain analytics firm TRM Labs traced more than $6.3 billion in flows through the unlicensed, Dubai-registered exchange between May 2024 and March 2026, which OFAC described as a settlement layer for Iran’s illicit economy rather than evidence of any single large transfer. Treasury said IRGC-linked wallets sent over $1 million in crypto to…