US Sanctions Dubai Crypto Exchange for Aiding Iran's IRGC

The US Treasury has sanctioned an unlicensed crypto exchange called Shelbit for allegedly processing millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps (IRGC) and other groups linked to the Iranian state.

The designation comes after a Reuters investigation found that Shelbit moved crypto on behalf of Iran's central bank, as well as a suspected Iranian bitcoin mining operation and an illegal online gambling network operated by two high-profile Iranian social media influencers.

The US Treasury also sanctioned Siavash Kayvanpour, the expatriate Iranian who founded Shelbit and several other companies, for providing material support to the IRGC and Nobitex, Iran's largest cryptocurrency exchange.

Nobitex was previously sanctioned by the US in June for enabling the Iranian government to circumvent Western sanctions. The Treasury also announced that it had sanctioned Aban Tether, an Iran-based crypto exchange, for processing millions of dollars in transactions for sanctioned Iranian entities, including Nobitex.