US Sanctions Dubai Crypto Exchange Shelbit, Founder Over Iran IRGC Laundering
The US Treasury sanctioned Dubai-based cryptocurrency exchange Shelbit, alleging it laundered hundreds of millions of dollars for Iran's Islamic Revolutionary Guard Corps and other state-linked groups. The exchange was a hub in a $4 billion sanctions-evasion scheme, including transfers for Iran's central bank and illegal gambling networks. Treasury also sanctioned founder Siavash Kayvanpour and his network, as well as Iran-based exchange Aban Tether. Shelbit denied the allegations and said it ceased operations in January 2026.
The US government on Friday placed sanctions on cross-border cryptocurrency exchange Shelbit, accusing it of facilitating hundreds of millions of dollars in cryptocurrency transactions for Iran's Islamic Revolutionary Guard Corps and other organizations tied to the Iranian government. Dubai-based Shelbit was identified as a central hub in a $4 billion Iranian sanctions-evasion scheme, handling transfers on behalf of the Central Bank of Iran, serving one of the world's largest illegal online gambling networks, and moving funds to wallet addresses linked to the Revolutionary Guard. The Treasury also sanctioned Shelbit's founder, Iranian expatriate Siavash Kayvanpour, and his network of companies, alleging they provided substantial support to the Revolutionary Guard and Nobitex, Iran's largest cryptocurrency exchange. The action follows the US decision on June 2, 2026, to sanction Nobitex for helping the Iranian government circumvent Western sanctions. The latest measures also target Aban Tether, an Iran-based crypto exchange, for processing hundreds of millions of dollars in transactions for sanctioned Iranian entities, including Nobitex. Shelbit's official website had been down for several months but came back online the day after investigative reports were published, and it continued to process funds even during US and Israeli military operations against Iran. On August 1, Shelbit updated its website statement denying the allegations, saying it had never knowingly engaged in money laundering, terrorist financing, illegal gambling, sanctions evasion, or operated on behalf of any sanctioned, military, or government organization, and added that it had ceased operations in January 2026. Among the cryptocurrency flowing through Shelbit, tens of millions of dollars originated from a bitcoin mining project suspected to be based in Iran, and several tens of millions of dollars were linked to illegal gambling networks run by two Iranian social media influencers.
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