US Sanctions Dubai Crypto Exchange for Alleged IRGC Support
The US Treasury has imposed sanctions on Shelbit, a Dubai-based cryptocurrency exchange accused of processing millions of dollars in digital assets for Iran's Islamic Revolutionary Guard Corps (IRGC) and other entities linked to the Iranian state.
A Reuters investigation found that Shelbit had processed cryptocurrency linked to Iran's central bank, an illegal online gambling network, and wallet addresses tied to the IRGC. The Treasury also sanctioned Siavash Kayvanpour, the founder of Shelbit, along with a network of companies associated with him.
The US authorities accused Kayvanpour of providing material support to the IRGC and Nobitex, Iran's largest cryptocurrency exchange, which was sanctioned in June for allegedly helping the Iranian government circumvent Western sanctions. The latest measures also include Aban Tether, an Iran-based cryptocurrency exchange that processed millions of dollars in transactions for sanctioned Iranian entities.
Shelbit's website had been inactive for several months, but it was reactivated shortly after Reuters published its investigation. Shelbit denied knowingly participating in money laundering, terrorist financing, or sanctions evasion and claimed to have ceased operations in January 2026.