The US Treasury Department's Office of Foreign Assets Control (OFAC) has added Iranian cryptocurrency exchanges Shelbit and Avatether to its sanctions list. US authorities stated that these entities supported the Islamic Revolutionary Guard Corps and facilitated billions of dollars in sanctions evasion and illegal money laundering. Millions of dollars in transactions linked to gambling sites were also reportedly identified.

It seems regulators are keeping a very close eye on crypto-based cross-border workarounds these days. Coming shortly after reports of Russia using crypto to build alternative payment networks, this sanction feels particularly significant. In particular, the pressure from authorities to block fund movement channels via stablecoins is likely to intensify even further.

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