US Sanctions Dubai Crypto Exchange Over $4 Billion Iranian Scheme

The US Treasury has imposed sanctions on Dubai-based cryptocurrency exchange Shelbit for its alleged involvement in a $4 billion Iranian sanctions-evasion scheme. The crackdown targets Shelbit's founder Siavash Kayvanpour and Iran-based Aban Tether, which is linked to the US-sanctioned financial network.

The US Treasury claims that Shelbit processed millions of dollars on behalf of Iran's IRGC, central bank, and other state-linked groups. Shelbit denies any wrongdoing, stating it did not knowingly support sanctions evasion, money laundering, or terrorist financing.