US Sanctions Georgia-Based Crypto Firm for Iran Ties

The U.S. Treasury Department has imposed sanctions on SHPS Shelbit, a Georgia-based cryptocurrency firm, for its alleged involvement in transactions linked to Iran's Islamic Revolutionary Guard Corps (IRGC) and sanctions evasion.

According to the Office of Foreign Assets Control (OFAC), SHPS Shelbit and its owner, Siavash Kayvanpour, operate a multi-nation network of companies that support illicit digital currency activity. The company is accused of facilitating transactions worth over $1 million in digital assets between IRGC addresses and Shelbit Exchange.

The Treasury further alleges that cryptocurrency addresses belonging to or controlled by Kayvanpour transferred more than $2 million in digital assets to Nobitex, an Iranian cryptocurrency exchange previously designated by the United States. Additionally, SHPS Shelbit is accused of servicing a large Persian-language gambling website network, through which tens of millions of dollars in digital assets were laundered.

The National Bank of Georgia (NBG) has stated that SHPS Shelbit was not registered as a virtual asset service provider and therefore was not regulated by the NBG. The bank emphasized its regulatory framework is designed to prevent entities associated with illicit activities from entering the market.