The U.S. Treasury Department announced sanctions targeting Iran-linked digital asset platforms and shadow banking networks. The department designated two major digital asset exchanges and the manager of a multinational corporate network for financing Iran’s Islamic Revolutionary Guard Corps and facilitating illicit financial activities.
Crypto platforms and corporate network
The sanctioned digital asset platforms were identified as Shilbit Exchange and Aban Tether. The U.S. Treasury Department said Iran-linked actors used unlicensed or lightly regulated platforms to transfer large amounts of crypto assets.
According to the department, the transactions were conducted through an extensive corporate network operating in several countries and a large online gambling system to conceal the origin of the funds. The department said illicit proceeds were laundered and used for the benefit of the Revolutionary Guard and individuals linked to Iran’s government.
Those designated included Siyavash Kayvanpour, who is of Iranian origin, holds Dominican and Afghan citizenship, and lives in the United Arab Emirates. The department said Kayvanpour managed a multinational corporate network supporting illicit activities in the digital asset sector.
Action against shadow banking network
In a separate announcement, the U.S. Treasury Department also announced sanctions against a currency network it identified as part of a shadow banking system. The department said the networks enabled the transfer of hundreds of millions of dollars through banks, shell companies and currency exchanges.
Under the sanctions, several financial institutions, companies and individuals identified as facilitating these transactions were also designated.
Previous sanctions and negotiation process
On July 11, the U.S. Treasury Department had also sanctioned individuals and companies it identified as linked to Iran’s supreme leader and the Revolutionary Guard.
The United States and Iran began negotiations on June 18 after signing a memorandum of understanding aimed at reaching a final agreement. The talks encountered problems following disputes over freedom and security of navigation in the strategic Strait of Hormuz.
Iran said more than 3,000 people were killed in U.S. and Israeli attacks that began on February 28. Iran also said Americans and Israelis were killed in attacks carried out later.
