US Treasury Sanctions Iranian Crypto Exchange Shelbit and Operator

The US Treasury has expanded its sanctions against Iranian cryptocurrency exchange Shelbit and its operator, Siavash Kayvanpour. According to reports, over $3 million in transfers were made between Shelbit and wallets linked to the Islamic Revolutionary Guard Corps (IRGC), a sanctioned military organization.

OFAC, the Office of Foreign Assets Control, has added Shelbit and Kayvanpour's affiliated companies to its list of designated entities. This move is part of the US 'Economic Fury' campaign aimed at restricting illicit Iranian financing, including through cryptocurrency channels.

The Treasury's actions have significant implications for the Iranian crypto market and US enforcement efforts. The move highlights that sanctions against Iranian crypto platforms are escalating rather than easing, and that exchanges processing transactions for sanctioned entities risk being added to the Specially Designated Nationals list.