Sanctions Target Iranian and Russian Crypto Networks
U.S. authorities imposed sanctions on Shelbit and Aban Tether through an Office of Foreign Assets Control (OFAC) action on Aug. 7. The Treasury Department alleged that Shelbit addresses exchanged more than $3 million with Islamic Revolutionary Guard Corps addresses, while Aban Tether processed transactions involving previously designated Iranian exchanges.
Earlier enforcement against Nobitex, Wallex, Bitpin and Ramzinex increased screening requirements surrounding Iranian exchange exposure. The June 2 sanctions action involving four Iranian platforms covered businesses that OFAC later identified among Aban Tether’s transaction counterparties, connecting the August restrictions to a broader campaign targeting Iran-linked digital asset flows.
U.K. authorities separately targeted cryptocurrency exchanges and the Kremlin-backed A7 network through 18 sanctions designations announced May 26. Officials alleged that A7 supported sanctions evasion, military procurement and oil-related payments, while the network claimed it moved more than $90 billion during the previous year.
The U.K. package included several entities appearing on Binance’s list, such as EXMO Exchange Ltd., Rapira Group LLC, Sooty Ltd., Bitpapa, Nueva Cryptologia and Huobi Global. The sanctions also reached exchanges and payment providers associated with Russia-facing settlement routes, stablecoin infrastructure and cross-border liquidity channels.
A7 Expands Alternative Payments as Compliance Pressure Rises
A7 has promoted alternative cross-border settlement systems as Western governments tighten access to established financial channels. A7 says it serves more than 10,000 trade partners and intermediates nearly one-fifth of Russia’s international settlements market. Its A7A5 ruble-backed stablecoin has reportedly surpassed $100 billion in aggregate transaction volume.
Binance has expanded compliance operations while responding to scrutiny over transactions involving restricted parties. The company previously reported a 96.8% decline in sanctions-related transaction exposure between January 2024 and July 2025. Its compliance operation includes more than 1,500 workers, representing about 25% of its global workforce.
Users remain responsible for confirming the destination, network, and counterparty before initiating an irreversible blockchain transfer. A small test transaction can expose address or network errors, although it would not eliminate the compliance risks associated with transferring assets to a restricted platform or wallet connected to one.
Centralized exchanges retain custody over customer assets and can delay, review, or prevent withdrawals under applicable rules. A self-custodial wallet gives its owner control of the private keys, but it does not remove sanctions obligations or protect users who transact with restricted counterparties. Binance’s final group of platform restrictions takes effect Aug. 23.
