US Sanctions Dubai Crypto Exchange Shelbit & Others Over Iran Sanctions Evasion

The United States on Friday imposed sanctions on six entities and one individual linked to Iran’s Islamic Revolutionary Guard Corps, including the Dubai‑based crypto exchange Shelbit, its founder Siavash Kayvanpour, and the Iranian exchange Nobitex, after a Reuters investigation revealed a US$4 billion sanctions‑evasion scheme.

The sanctions come amid Iran’s recent attacks on commercial vessels in the Strait of Hormuz and are part of the U.S. Treasury’s effort to cut the regime’s illicit financial lifelines, with the Rewards for Justice program offering up to US$15 million for information that disrupts the IRGC’s money‑laundering networks.

Treasury Secretary Scott Bessent said the U.S. will “hunt down and dismantle the illicit financial networks that keep the regime afloat,” and the action is authorized under Executive Orders 13902 and 13224, following a series of sanctions on Iran’s shadow banking system earlier this year.

The move follows a Reuters report that Shelbit had processed millions of dollars for the IRGC and other state‑linked groups, and the exchange, which had been offline for months, reactivated only after the investigation, claiming no involvement in money laundering or terrorism financing. - Forth