US Slaps Sanctions on Georgia Crypto Firm for Alleged Iran Ties
US authorities have slapped sanctions on SHPS Shelbit, a Georgia-registered cryptocurrency company, and its owner Siavash Kayvanpour for allegedly facilitating illicit transactions with Iran's Islamic Revolutionary Guard Corps (IRGC).
The Treasury Department announced the sanctions on August 7, accusing Shelbit of providing services to a Persian-language gambling network that moved 'tens of millions of dollars' in cryptocurrency.
According to the Treasury, wallets linked to the IRGC sent over $1 million in cryptocurrency to Shelbit, while more than $2 million was transferred from Shelbit-linked wallets to IRGC addresses.
Kayvanpour, an Iranian-born citizen of Dominica and Afghanistan who resides in the UAE, operates the Shelbit Exchange. The Treasury also accused Kayvanpour of transferring over $2 million to Nobitex, a previously sanctioned Iranian cryptocurrency exchange.