Treasury sanctions Iran crypto exchanges, including Nobitex

Treasury sanctions Iran crypto exchanges in two separate 2026 actions that centered first on Nobitex, Iran’s largest digital-asset exchange, and later on Shelbit and Aban Tether. For investors following regulatory risk in crypto, the key point is that the cases involve different companies, dates and allegations, even though each action concerned alleged Iranian sanctions evasion.

On June 2, the Treasury Department’s Office of Foreign Assets Control, or OFAC, designated Nobitex and three other Iranian digital-asset exchanges. Treasury also designated Amir Hossein Rad, identified as Nobitex’s chairman, co-founder and former chief executive, along with other company leaders and officials.

OFAC said its action relied on Executive Order 13224, a counterterrorism authority, and Executive Order 13902, which covers people operating in Iran’s financial sector and other parts of its economy.

Why did Treasury sanction Nobitex?

Treasury alleged that Nobitex processed more than half of Iranian digital-asset inflows during 2025 and provided significant support to Iran’s government. The department said the exchange handled transactions connected to the Islamic Revolutionary Guard Corps, or IRGC, including wallets associated with IRGC-affiliated ransomware actors.

Treasury also alleged that Nobitex helped Iran’s central bank obtain hundreds of millions of dollars in stablecoins, crypto tokens designed to hold a steadier value than assets such as bitcoin. According to Treasury, the exchange enabled Iranian officials to reach international crypto exchanges and avoid sanctions in multiple jurisdictions.

Reuters reported that its May investigation found Nobitex had become part of a parallel financial system that processed hundreds of millions of dollars for Iran’s central bank and the IRGC. Reuters also reported the exchange continued processing millions of dollars in transactions during a government internet shutdown.

Nobitex disputed the allegations in an earlier statement to Reuters. It said it had no direct ties to the government and did not assist the state. The exchange said illicit funds, if they moved through its platform, did so without the approval or knowledge of management. After the June announcement, Nobitex told customers on Telegram that it had prepared for possible sanctions-related problems.

How do the later Shelbit and Aban Tether sanctions differ?

The later action reported on Aug. 7 involved different entities. Reuters said Treasury sanctioned Dubai-based Shelbit, described as an unlicensed multistate cryptocurrency exchange, alleging that it processed millions of dollars in crypto for the IRGC and other groups connected to the Iranian state.

Reuters’ own July 31 investigation described Shelbit as a hub in an alleged $4 billion Iranian sanctions-evasion scheme. The news agency reported that the exchange moved crypto for Iran’s central bank and to addresses that Israel’s government had linked to the IRGC.

Reuters also reported that Treasury designated Shelbit founder Siavash Kayvanpour and other companies, alleging they provided material support to the IRGC and Nobitex. In the same Aug. 7 action, Treasury sanctioned Iran-based Aban Tether for allegedly processing millions of dollars of transactions for sanctioned Iranian entities, including Nobitex, Reuters reported.

Shelbit said it stopped operating in January 2026 and denied knowingly taking part in money laundering, terrorism financing, illegal gambling, sanctions evasion, or activity for sanctioned, military or government organizations.

• June 2: OFAC designated Nobitex, three other unnamed-in-Treasury-excerpt Iranian exchanges, and Nobitex-linked individuals.
• Aug. 7: Treasury’s later action, as reported by Reuters, covered Shelbit, Aban Tether, Kayvanpour and other companies.

This story draws on original reporting from Decrypt.