US Sanctions Dubai-Based Crypto Exchange Shelbit Over Iran Evasion

The United States has imposed sanctions on Shelbit, a multi-state cryptocurrency exchange based in Dubai, for allegedly facilitating funds for Iran's elite Revolutionary Guards and associated entities.

The move follows a Reuters investigation that identified Shelbit as central to a $4 billion Iranian sanctions evasion operation. According to the U.S. Treasury, Shelbit's founder Siavash Kayvanpour assisted the Islamic Revolutionary Guard Corps and Iran's largest cryptocurrency platform Nobitex.

Treasury Secretary Scott Bessent reaffirmed their commitment to dismantling these networks, which bolster the regime's financial capabilities. Shelbit's website went offline earlier, but the exchange allegedly continued operations despite compliance issues raised by Dubai's VARA.