New investigation reveals that U.S.-based crypto exchanges are still sending funds, directly or indirectly, to sanctioned Iranian platforms, despite an unprecedented escalation in U.S. Treasury enforcement actions.
Flows allegedly continue to reach Iranian exchanges such as Shelbit, Aban Tether, Nobitex, Wallex, Bitpin, and Ramzinex, all of which have been designated under the Treasury’s “Economic Fury” campaign for facilitating illicit finance tied to Iran’s Islamic Revolutionary Guard Corps (IRGC).
Findings emphasize persistent gaps in compliance, monitoring, and wallet‑screening practices across the digital‑asset ecosystem, raising questions about how exchanges manage sanctions exposure in an increasingly complex regulatory environment.
A Pattern of Continued Exposure Despite Sanctions
Even after multiple rounds of sanctions, funds continue to move from U.S. exchanges to Iranian platforms through intermediaries, cross‑chain bridges, and lightly regulated offshore entities.
The observed pattern persists despite Office of Foreign Assets Control’s (OFAC) explicit warnings that Iranian actors rely on digital‑asset exchanges to launder billions of dollars, maintain covert access to global financial systems, and support the IRGC’s financial machinery.
U.S. Treasury has repeatedly emphasized that Iranian exchanges operate sprawling networks of front companies across Georgia, Poland, the UAE, and other jurisdictions, enabling them to obscure the origin of funds and bypass sanctions controls. These networks allow Iranian platforms to receive funds even when direct transfers from U.S. entities are blocked.
The continued exposure suggests that some U.S. exchanges may be relying on outdated wallet‑screening databases, insufficient blockchain‑analytics coverage, or incomplete risk‑scoring models that fail to detect indirect flows.
Sanctioned Exchanges at the Center of the Network
The Iranian exchanges receiving funds have been sanctioned for a range of activities, including laundering money for the IRGC, facilitating illegal gambling networks, and supporting Iran’s shadow banking system.
Shelbit
Shelbit, a Dubai‑registered exchange operated by Siavash Kayvanpour, has processed more than $6.3 billion in crypto flows between May 2024 and March 2026, according to TRM Labs analysis. OFAC describes Shelbit as a “settlement layer” for Iran’s illicit economy rather than a simple exchange. IRGC‑linked wallets sent over $1 million to Shelbit and received more than $2 million back.
Aban Tether
Aban Tether, based inside Iran, was sanctioned for processing transactions with Nobitex and other Iranian platforms already under OFAC designation.
Nobitex, Wallex, Bitpin, Ramzinex
These exchanges form part of Iran’s domestic crypto infrastructure and have been repeatedly flagged for facilitating sanctions evasion, shadow banking, and illicit cross‑border transfers. OFAC’s June and July actions targeted these platforms and related wallets, leading to stablecoin freezes and heightened scrutiny.
Despite these designations, reports state that funds continue to reach these platforms through indirect channels.
Why Compliance Gaps Persist
Despite heightened enforcement, several factors contribute to ongoing exposure:
Complexity of Iranian networks
Iran’s financial networks are intentionally opaque, spanning multiple jurisdictions and industries.
Rapid evolution of crypto infrastructure
New wallets, mints, and platforms emerge faster than sanctions lists can be updated.
Inconsistent global compliance standards
Some offshore exchanges maintain weaker controls, creating spillover risk for U.S. platforms.
High transaction volumes
Large exchanges process millions of transactions daily, making granular screening difficult.
