US Treasury Sanctions Iran-Linked Crypto Exchange in Bid to Disrupt Regime's Finances

The United States Treasury has sanctioned an unlicensed cryptocurrency exchange called Shelbit, which allegedly processed millions of dollars in crypto for Iran's elite Islamic Revolutionary Guard Corps (IRGC) and other groups linked to the Iranian state. The designation follows a Reuters investigation that identified Shelbit as the hub of a $4 billion Iranian sanctions evasion scheme.

The US Treasury also sanctioned Siavash Kayvanpour, an expatriate Iranian who founded Shelbit and a network of other companies, for providing material support to the IRGC and Nobitex, Iran's biggest cryptocurrency exchange. Nobitex was previously sanctioned by the US on June 2 for enabling the Iranian government to circumvent Western sanctions.

Shelbit's website had been down for months, but it reactivated after the Reuters investigation was published. Shelbit denied any involvement in money laundering or other illicit activities, and stated that it had ceased operations in January 2026.