US Sanctions Dubai Crypto Exchange Shelbit Over Alleged Iran Ties

The United States has imposed sanctions on Dubai-based cryptocurrency exchange Shelbit for its alleged involvement in a $4 billion Iranian sanctions-evasion scheme. The US Treasury alleges that Shelbit processed millions of dollars on behalf of Iran's IRGC, central bank, and other state-linked groups.

According to the US Treasury, Shelbit founder Siavash Kayvanpour is also being targeted as part of the crackdown. Additionally, Aban Tether, an Iranian-based entity, has been included in the sanctions.

Shelbit denies any wrongdoing, claiming that it did not knowingly support sanctions evasion, money laundering, or terrorist financing.