The U.S. Treasury has intensified its crackdown on Iran’s cryptocurrency sector by sanctioning Shelbit Exchange and Iran-based Aban Tether, as Washington moves to restrict Tehran’s access to digital assets and foreign currency.

The Treasury Department said the two platforms helped Iranian entities transfer funds outside the traditional financial system. The move expands U.S. efforts to disrupt crypto networks allegedly used to finance the Islamic Revolutionary Guard Corps (IRGC).

The Treasury’s Office of Foreign Assets Control (OFAC) announced the sanctions Friday, also targeting Siavash Kayvanpour and several companies associated with him in Georgia, Poland, and the United Arab Emirates.

Despite its name, Aban Tether does not appear to be affiliated with Tether, the issuer of the USDT stablecoin. Tether has been contacted to clarify whether the two entities are connected.

Treasury officials said wallets associated with the IRGC sent more than $1 million in cryptocurrency to Shelbit addresses, while over $2 million flowed from Shelbit wallets to IRGC-linked addresses. Wallets tied to Kayvanpour also transferred more than $2 million to Nobitex, Iran’s largest crypto exchange.

OFAC said Aban Tether processed millions of dollars worth of transactions involving sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex.

In a separate action, the Treasury sanctioned a network of foreign-exchange houses, shell companies, and individuals accused of helping Iran’s shadow banking system transfer hundreds of millions of dollars. The network allegedly handled funds connected to overseas oil sales.

Treasury Secretary Scott Bessent said Iran’s use of digital assets and shadow banking networks highlights the importance of Washington’s “Economic Fury” campaign. He said the Treasury would continue targeting illicit financial networks regardless of whether they operate through dollars, rials, or cryptocurrencies.

The latest sanctions come as the U.S.-Iran conflict intensifies Washington’s efforts to cut Tehran off from foreign currency and international financial markets. While cryptocurrencies can give sanctioned organizations alternative channels for moving funds, blockchain activity can also provide a transparent trail that investigators and analytics firms can follow.

Friday’s action adds to a growing series of U.S. measures targeting Iran’s crypto-finance infrastructure.

In January, the Treasury sanctioned Zedcex and Zedxion, the first crypto exchanges to face Iran-specific financial sanctions. In June, Nobitex and several other Iranian exchanges were also blacklisted.

Last month, the U.S. sanctioned four cryptocurrency wallets linked to Iran’s central bank. Tether subsequently froze roughly $131 million held in those wallets. The U.S. also sanctioned two Iranian maritime insurance companies over an alleged scheme to route funds to the IRGC.

The expanding sanctions campaign is putting increased pressure on cryptocurrency exchanges and stablecoin issuers to identify Iranian-linked assets and prevent sanctioned parties from using digital-asset networks to move money.