US Sanctions Dubai Crypto Exchange for Aiding Iran's IRGC
The US Treasury has sanctioned Dubai-based cryptocurrency exchange Shelbit for allegedly processing millions of dollars in crypto transactions on behalf of Iran's elite Islamic Revolutionary Guard Corps and other groups linked to the Iranian state.
A Reuters investigation published on July 31 identified Shelbit as the hub of a $4 billion Iranian sanctions evasion scheme, which moved crypto for Iran's central bank, an illegal online gambling network, and addresses linked by the Israeli government to the IRGC.
The US Treasury also sanctioned Siavash Kayvanpour, the expatriate Iranian who founded Shelbit and a network of other companies, for providing material support to the IRGC and Nobitex, Iran's biggest cryptocurrency exchange.
Nobitex was previously sanctioned on June 2 for enabling the Iranian government to circumvent Western sanctions, also after a Reuters investigation.