The Treasury Department designated two more Iranian trading venues on August 7, and the paperwork is more interesting than the headline. Shelbit Exchange and Aban Tether went onto the sanctions list with an Iranian national, Siavash Kayvanpour, and companies registered in Georgia, Poland and the UAE. Treasury cited Executive Orders 13224 and 13902, the authorities it has used all year for Iran crypto designations.
June took the exchanges that carried most of the volume
On June 2, Treasury named Nobitex, Wallex, Bitpin and Ramzinex in one action. Nobitex, by Treasury's accounting, processed more than half of all Iranian digital asset inflows in 2025. Wallex took 12 percent. Bitpin took another 10 percent. Ramzinex had moved more than $2.45 billion in transactions since 2018, and nearly half a billion dollars of regime-linked crypto was already frozen.
Add the three published shares and June covered north of 72 percent of the country's inflows in one afternoon. That was the domestic core of Iran crypto activity, gone from the map in a single notice.
August's trail runs through company registrations abroad
Only one of the two venues designated this week, Aban Tether, is described as Iran-based. The rest of the network sits outside the country: SHPS Shelbit in Georgia, Shelbit Technologies in Poland, and Shelbit General Trading, Crypto Home and NFT Home in the UAE. Treasury published no market share for either exchange this time, a signal in itself about what is left to measure.
Iran's crypto industry spent years building products for a market nobody else would serve, and pressure of this kind relocates activity more often than it ends it. The same logic showed when Moscow banned mining inside the city until 2032 and a gigawatt of load had to move.
Two million dollars is the biggest number in the file
Treasury put four flows in writing. IRGC-linked wallets sent over $1 million to Shelbit addresses. More than $2 million went back the other way. Kayvanpour's addresses sent over $2 million to Nobitex, already designated in June. Aban Tether is described as processing millions through previously sanctioned Iranian platforms, with no figure attached.
Set that against the $2.45 billion Treasury quoted for Ramzinex, or the claim that the wider campaign has cut off tens of billions in regime revenue. A designation needs a demonstrated nexus, not a large number, and the wallet tracing behind these Iran crypto cases is the same work police used to follow $19 million through XRP staking scam wallets. Evidence size still reads as a proxy for how much volume remains in reach.
Enforcement outside OFAC has run in parallel. Tether froze about $131 million across four wallets tied to Iran's central bank in July, matching its largest enforcement action to date, and the same offshore structures turn up in the North Korean IT worker networks sanctioned earlier. Watch whether Aban Tether balances move before the wind-down window closes, and whether the next Iran crypto tranche names a domestic venue or another Gulf shell.