US Sanctions Cryptocurrency Exchanges for Alleged Laundering on Behalf of Iran's Revolutionary Guard
The US Treasury has sanctioned two cryptocurrency exchanges, Shelbit Exchange and Aban Tether, for allegedly laundering millions of dollars on behalf of Iran's Revolutionary Guard. According to the Treasury, Iranian-linked wallets sent over $1 million in crypto to Shelbit, which then sent more than $2 million back to Iranian wallets, as well as an additional $2 million to Nobitex, a previously sanctioned exchange.
The Treasury also alleges that Shelbit laundered tens of millions from a Persian-language online gambling network. The operator behind the scheme is Siavash Kayvanpour, who holds citizenship in Dominica and Afghanistan and ran a multi-country network from the UAE and Georgia through his firm SHPS Shelbit.
The US Treasury's action comes as part of its 'Economic Fury' campaign to disrupt Iran's financial sector and support for terrorism. The State Department is offering up to $15 million in rewards for information that disrupts the IRGC's financial mechanisms. As part of this effort, the Treasury has also frozen millions in Iranian crypto, including $131 million in May.