The U.S. just blacklisted two Iranian crypto exchanges: Aban Tether and Shelbit Exchange. The first thing to know is that this does not hit Tether the stablecoin issuer. It hits the exchange called Aban Tether.
OFAC says the venue helped move funds outside the traditional banking system and processed transactions involving already sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex.
The practical effect is simple. Once a platform lands on the OFAC list, U.S. persons are generally barred from dealing with it.
Why this matters: Washington is not just watching tokens. It is going after the crypto on-ramps and off-ramps that can move money when banks are cut out.