U.S. Treasury Expands 'Economic Fury' Sanctions on Two Iran-Linked Crypto Exchanges
The U.S. Treasury has expanded its "Economic Fury" operation, sanctioning the crypto exchanges Shelbit and Aban Tether for their connections to the Iranian financial network.
OFAC stated that Shelbit processed over $3 million in transfers involving IRGC wallets and laundered tens of millions of dollars from online gambling networks. Aban Tether is accused of handling millions of dollars in transactions related to several long-designated Iranian exchanges.
This is part of the ongoing U.S. enforcement actions against Iran's use of crypto assets to evade sanctions, with a focus on compliance and sanction risks for crypto platforms. Sanctioned entities face asset freezes and business disruptions, while compliant exchanges benefit from changes in the competitive landscape.
Source: Public Information
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The "Economic Fury" operation continues to track Iran's channels for obtaining foreign exchange through digital assets and shadow banking. The targeting of Shelbit and Aban Tether indicates that the U.S. is extending pressure from large exchanges to smaller and offshore platforms.
In terms of capital pathways, the sanctions directly sever the targeted entities' connections to the dollar and mainstream crypto ecosystems. The motivation is to weaken the IRGC and related networks' financing capabilities, in line with a broader strategy of maximum pressure.
Similar to previous designations of Iranian exchanges like Nobitex, the current phase is one of "completely blocking pathways from core nodes to peripheral channels."
Essentially, this represents a regulatory shift: crypto sanctions are expanding from individual entities to associated networks and intermediary platforms, effectively incorporating on-chain capital flows into the national security toolbox.
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- Once sanctions are designated, the liquidity of associated wallets will quickly dry up.
- The more covert the crypto channels, the more precise the strikes after being tracked.
- The endpoint of maximum pressure is to deprive the opponent of all available funding outlets.