US Sanctions Dubai Exchange Accused of Helping Iran Evade Sanctions

The US Treasury Department has sanctioned Dubai-based cryptocurrency exchange Shelbit for allegedly processing millions of dollars in digital assets on behalf of Iran's Islamic Revolutionary Guard Corps and other Iranian entities.

The sanctions follow a Reuters investigation that identified Shelbit as a central hub in an alleged $4 billion Iranian sanctions-evasion network.

The Treasury Department also sanctioned Siavash Kayvanpour, the founder of Shelbit, for allegedly providing material support to the IRGC and Nobitex, Iran's largest cryptocurrency exchange.