US Slaps Sanctions on Dubai Crypto Exchange Over Alleged Iran Ties
The US Treasury Department has imposed sanctions on Shelbit, an unlicensed cryptocurrency exchange based in Dubai, for allegedly processing millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps (IRGC) and several groups linked to the Iranian government.
A Reuters investigation found that Shelbit moved crypto assets worth $4 billion as part of a sanctions evasion scheme. The US Treasury Department also sanctioned Shelbit founder Siavash Kayvanpour, an Iranian national living abroad, along with several companies linked to him.
Kayvanpour was accused of providing material support to the IRGC and Nobitex, Iran's largest cryptocurrency exchange. The US had previously sanctioned Nobitex on June 2 for helping the Iranian government evade Western sanctions.