US Sanctions Dubai-Based Crypto Exchange Over Alleged Iran Sanctions Evasion
The US Treasury Department has imposed sanctions on Dubai-based cryptocurrency exchange Shelbit and its founder Siavash Kayvanpour. The move is part of a wider crackdown on sanctions evasion through cryptocurrency networks.
An investigation found that Shelbit had processed millions of dollars in digital assets for Iran's central bank, the Islamic Revolutionary Guard Corps (IRGC), and other entities linked to the Iranian state.
The US Treasury accused Kayvanpour of providing material support to both the IRGC and Nobitex, an Iran-based crypto exchange that was already sanctioned by the US on June 2 for allegedly enabling the Iranian government to circumvent Western sanctions.
A Reuters investigation identified Shelbit as the hub of a $4 billion Iranian sanctions evasion network, which included processing funds from a suspected Iranian Bitcoin mining operation and an illegal online gambling network run by two prominent Iranian social media influencers.