US targets UAE-based crypto exchange over alleged Iran sanctions evasion scheme
“Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat,” Secretary of the Treasury Scott Bessent said in a statement.
The United States imposed sanctions on a Dubai-based cryptocurrency exchange, Shelbit, accusing it of processing millions of dollars of transactions related to Iran's elite Islamic Revolutionary Guard Corps and other state-linked groups. This move follows a Reuters investigation published on July 31, which identified Shelbit as the central hub of a $4 billion Iranian sanctions evasion scheme.
The investigation found evidence of Shelbit moving crypto for Iran's central bank, a large illegal online gambling network, and addresses linked to the IRGC by the Israeli government. Additionally, the US Treasury sanctioned Siavash Kayvanpour, the founder of Shelbit, and several other companies for providing material support to the IRGC and Nobitex, Iran's largest cryptocurrency exchange.
Treasury Secretary Scott Bessent stated that the US would take measures to dismantle the illicit financial networks supporting the Iranian regime. Despite Shelbit's website being offline for months, the exchange continued to process transactions during the US and Israeli conflict with Iran. Shelbit denied any wrongdoing, stating that it ceased operations in January 2026.
The OFAC designation highlights the regime's hypocrisy and corruption, as tens of millions of dollars of crypto transactions came from a suspected Iranian bitcoin mining operation and illegal gambling networks operated by high-profile Iranian influencers.
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