US Sanctions Dubai-Based Crypto Exchange Over Alleged Iran Ties

The US Treasury has imposed sanctions on Shelbit, a Dubai-based cryptocurrency exchange, for allegedly processing millions of dollars in transactions linked to Iran's IRGC and other sanctioned entities. According to a Reuters investigation, Shelbit was at the center of a $4 billion sanctions-evasion scheme, transferring cryptocurrency from Iran's central bank and to addresses linked to the IRGC.

The US Department of the Treasury also sanctioned Siavash Kayvanpour, the founder of Shelbit, and Nobitex, Iran's largest cryptocurrency exchange, for providing material support to the IRGC. Additionally, Aban Tether, an Iranian cryptocurrency exchange, was sanctioned for processing millions of dollars in transactions for sanctioned entities.

Shelbit had been unavailable for months, but resumed operations after a Reuters investigation was published. The company denied any involvement in money laundering or sanctions evasion, stating that it ceased operations in January 2026.