US targets Iran crypto as Hormuz talks lift markets

On Aug. 7, 2026, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced blocking sanctions on the UAE-based digital asset exchange Shelbit, the Iran-based exchange Aban Tether, and expatriate Iranian founder Siavash Kayvanpour. The designations mean any property or interests in property of these persons and entities that are subject to U.S. jurisdiction are blocked.

OFAC said digital currency addresses belonging to the Islamic Revolutionary Guard Corps (IRGC) sent the equivalent of over $1 million to Shelbit exchange addresses. It also reported that more than the equivalent of $2 million moved from Shelbit addresses to IRGC digital currency addresses.

In addition, OFAC said addresses belonging to or controlled by Kayvanpour sent over $2 million to Nobitex, a previously U.S.-designated Iranian digital asset exchange. Aban Tether was described as having processed millions of dollars of transactions involving Nobitex, Wallex, Bitpin and Ramzinex, all of which were already under U.S. sanctions.

The sanctions package outlines a network of crypto flows connecting IRGC-linked wallets, Shelbit and Aban Tether, and sanctioned Iranian exchanges. By designating the entities and Kayvanpour, OFAC aims to cut them off from the U.S. financial system and any dealings involving U.S. persons or property under U.S. jurisdiction.

The described transaction patterns underscore the use of digital assets to move funds among Iranian platforms, including exchanges already singled out by U.S. authorities. OFAC’s statement emphasized that Aban Tether’s activity involved “millions of dollars” with multiple designated exchanges, indicating a sizable transactional footprint within this ecosystem.

While tightening financial pressure, the administration is also pursuing a diplomatic track on maritime access. President Donald Trump said he is personally involved in negotiations with Iran over reopening the Strait of Hormuz and told reporters on Aug. 6–7 that a deal “could be” imminent and that “a lot of progress has been made.”

Treasury Secretary Scott Bessent said a deal to ensure “freedom of movement” in the strait could come in a matter of hours, noting that U.S. officials are in talks with Iranian counterparts. Trump characterized the waterway as “sort of open right now” while a U.S. naval blockade remains in place, and the administration has ruled out any arrangement that would allow Iran to charge fees for passage.

Financial markets responded quickly to the administration’s messaging on Hormuz. Optimistic comments from Bessent and Trump about the prospects for an agreement helped drive oil prices lower as traders weighed the possibility of improved shipping conditions through the strategic waterway.

At the same time, U.S. equities rallied, with major benchmarks including the Dow reaching record highs on renewed hopes that a deal could soon be reached. Later reporting on more restrictive draft plans emerging from Iran pushed oil prices back up and produced mixed moves in equity markets, highlighting investor sensitivity to shifting signals from the negotiations.