US sanctions Dubai crypto exchange for aiding Iran's IRGC, following a Reuters report

On Friday, the United States sanctioned a Dubai-based cryptocurrency exchange, Shelbit, for allegedly processing millions of dollars in transactions for Iran's elite Islamic Revolutionary Guard Corps (IRGC) and other state-linked entities. This move followed a Reuters investigation published on July 31, which identified Shelbit as the central hub for a $4 billion Iranian sanctions evasion scheme.

The investigation revealed that Shelbit moved cryptocurrency on behalf of Iran's central bank, an extensive illegal online gambling network, and addresses linked by the Israeli government to the IRGC. The U.S. Treasury also sanctioned Shelbit's founder, Siavash Kayvanpour, and a network of other companies for providing material support to the IRGC and Nobitex, another major Iranian cryptocurrency exchange.

Secretary of the Treasury Scott Bessent vowed to dismantle the illicit financial networks sustaining the Iranian regime. On the same day, the U.S. Treasury announced sanctions against Aban Tether, another Iran-based crypto exchange, for facilitating transactions for sanctioned Iranian entities. The U.S. described Shelbit's activities as a violation of anti-money laundering and terrorism financing laws, with the exposure extending beyond consumer protection to potentially impacting the integrity of the UAE financial system. Shelbit denied any wrongdoing and stated it had ceased operations in January 2026.