US Slams Dubai Crypto Exchange Over Alleged Iran Ties

The US government has imposed sanctions on Dubai-based cryptocurrency exchange Shelbit for allegedly facilitating financial transactions for Iran's Islamic Revolutionary Guard Corps (IRGC).

This move is part of the ongoing US-Iran sanctions conflict, with Washington targeting networks it claims assist Iran in evading international financial restrictions.

The sanctions are alleged to be connected to a $4 billion operation involving Iranian funds, and market participants have perceived these sanctions as indicative of increased US pressure on Iran.