US sanctions campaign against Iran's crypto shadow banking
The developments in this story so far, most recent first.
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Development
U.S. widens Iran crypto crackdown with sanctions on two exchanges
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· date approximate Development
US sanctions Dubai crypto exchange for aiding Iran's IRGC, following a Reuters report
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· date approximate Background
Reuters published an investigation identifying Shelbit as the hub of a $4 billion Iranian sanctions evasion scheme.
On July 31, a Reuters investigation identified the Dubai-based exchange Shelbit as the hub of a $4 billion Iranian sanctions evasion scheme. The investigation found that the exchange moved cryptocurrency on behalf of Iran’s central bank and several illegal networks, including one of the world’s largest online gambling operations.
According to the report, funds passing through Shelbit were also linked to addresses connected by the Israeli government to the IRGC, as well as an illegal gambling network operated by two prominent Iranian social media influencers. Although Shelbit's website had been down for months, it was reactivated the day after the investigation was published.
In response to these findings and subsequent actions, Shelbit LLC released a statement on August 1 categorically rejecting any involvement in money laundering, sanctions evasion, or providing support to sanctioned military or governmental organizations.
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· date approximate Background
Dubai’s VARA publicly identified Shelbit’s violations of anti-money laundering and terrorism financing laws.
In July 2026, Dubai’s Virtual Assets Regulatory Authority (VARA) issued a notice identifying Shelbit as being in violation of anti-money laundering and terrorism financing laws. According to the regulator, the identified exposure extended beyond consumer protection to cross-border transactions that carried the propensity to impact the integrity of the UAE financial system.
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· date approximate Background
The US sanctioned four crypto wallets linked to Iran's central bank, prompting Tether to freeze $131 million in assets.
The US Treasury Department sanctioned four crypto wallets linked to Iran's central bank. Following these sanctions, the stablecoin issuer Tether froze approximately $131 million held in those specific wallets.
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· date approximate Background
The US Treasury Department blacklisted Nobitex and several other Iranian crypto exchanges.
In June 2026, the US Treasury Department blacklisted Nobitex, Iran's largest crypto exchange, along with several other Iranian cryptocurrency exchanges.
The action follows broader efforts by the US Treasury's Office of Foreign Assets Control (OFAC) to target a network of foreign exchange houses, shell companies, and individuals accused of helping Iran's shadow banking system move hundreds of millions of dollars, including funds tied to overseas oil sales.
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· date approximate Background
The US Treasury Department sanctioned crypto exchanges Zedcex and Zedxion as part of its Iran-specific financial sanctions.
In January, the US Treasury Department sanctioned the crypto exchanges Zedcex and Zedxion. This action was taken as part of its Iran-specific financial sanctions.