Us Sanctions Dubai Crypto Exchange For Allegedly Aiding Iran’s Irgc Money Laundering

The United States has imposed sanctions connected an unlicensed multi-state cryptocurrency exchange, alleging it facilitated millions of dollars successful crypto transactions for Iran’s elite Islamic Revolutionary Guard Corps and different state-linked groups.

This action follows a Reuters investigation published connected July 31, which identified nan Dubai-based exchange, Shelbit, arsenic cardinal to a $4 cardinal Iranian sanctions evasion network.

The probe revealed Shelbit moved crypto for Iran’s cardinal bank, a awesome forbidden online gambling operation, and addresses linked by nan Israeli authorities to nan IRGC.

The U.S. Treasury besides sanctioned Siavash Kayvanpour, nan expatriate Iranian laminitis of Shelbit and its associated companies, for providing worldly support to nan IRGC and Nobitex, Iran’s largest cryptocurrency exchange.

Nobitex itself was sanctioned connected June 2 for enabling nan Iranian authorities to bypass Western sanctions, besides pursuing a Reuters investigation.

"Treasury will hunt down and dismantle nan illicit financial networks that support nan authorities afloat," Secretary of nan Treasury Scott Bessent stated.

Additionally, nan Treasury announced sanctions against Aban Tether, an Iran-based crypto exchange, for processing millions successful transactions for sanctioned Iranian entities, including Nobitex.

Shelbit’s website, which had been inactive for months, was reactivated nan time aft nan Reuters investigation was published.

Despite its anterior dormancy, nan speech reportedly continued processing funds, moreover amid nan U.S. and Israeli conflict pinch Iran.

On August 1, Shelbit issued a connection connected its reactivated site, asserting, "Shelbit LLC categorically rejects immoderate proposal that nan institution knowingly participated successful money laundering, violent financing, forbidden gambling activity, sanctions evasion, aliases activity connected behalf of immoderate sanctioned, military, aliases governmental organization."

The institution besides claimed to person ceased operations successful January 2026. Shelbit and Kayvanpour did not instantly respond to requests for comment.

Reuters reported that tens of millions of dollars successful crypto passing done Shelbit originated from a suspected Iranian bitcoin mining operation. Many much millions were tied to an forbidden gambling web tally by salient Iranian societal media influencers.

The Treasury commented connected its website, "The Iranian regime’s willingness to let this gambling web to run highlights its hypocrisy and corruption."

These OFAC designations travel soon aft Dubai’s Virtual Assets Regulatory Authority (VARA) issued a announcement accusing Shelbit of violating money-laundering and coercion financing laws.

VARA stated connected July 24, "The vulnerability identified by VARA extends beyond user protection to much egregious cross-border transactions pinch nan propension to effect nan integrity of nan UAE financial system." VARA did not respond to a petition for comment.