US Sanctions Crypto Exchanges Accused of Laundering Billions for Iran

The Trump administration has imposed sanctions on a network of crypto exchanges for allegedly laundering billions of dollars to fund Iran's military operations.

The targeted exchanges include Shelbit Exchange, based in the United Arab Emirates, which authorities say has been running money through a large gambling website on behalf of the Iranian government.

Treasury Secretary Scott Bessent said Iran uses a complex network of corporate entities to obscure the origin of funds and launder money to benefit the Islamic Revolutionary Guard Corps.

The sanctions come in response to recent attacks on commercial vessels in the Strait of Hormuz, with State Department officials citing the move as retaliation.