US Sanctions Georgia-Based Crypto Firm Over Alleged Iran Ties

The US Treasury Department has imposed sanctions on Shelbit Exchange, a cryptocurrency company based in Georgia, for allegedly supporting illicit financial activities and financing Iran's Islamic Revolutionary Guard Corps (IRGC).

The sanctions are part of a new round of measures targeting networks accused of helping the IRGC access and move funds through the international cryptocurrency sector.

The Treasury Department stated that Shelbit Exchange operates through SHPS Shelbit, a company based in Georgia, and is run by Siavash Kayvanpour, an Iranian-born individual with citizenship in Dominica and Afghanistan who has resided in the United Arab Emirates.

The department also noted that digital currency addresses associated with the IRGC had transferred over $1 million worth of digital assets to Shelbit Exchange's addresses, while more than $2 million worth of digital assets were transferred from Shelbit Exchange's addresses to cryptocurrency addresses linked to the IRGC.