The United States Treasury Department has imposed sweeping sanctions on Shelbit, a Dubai-based cryptocurrency exchange accused of acting as a critical node for Iran’s elite Islamic Revolutionary Guard Corps. According to federal officials, the unlicensed platform processed millions of dollars in digital assets for the IRGC and other state-linked entities, effectively helping the Iranian regime bypass international restrictions. This move comes on the heels of a detailed investigation by Reuters which suggested Shelbit served as a primary hub for a massive four billion dollar sanctions evasion scheme involving Iran’s central bank and various illegal enterprises.
Beyond the exchange itself, the U.S. government targeted Siavash Kayvanpour, an expatriate Iranian founder who allegedly provided material support to both the IRGC and Nobitex, Iran’s largest crypto exchange. In a stern warning about the future of such networks, Treasury Secretary Scott Bessent stated that his department would continue to hunt down and dismantle the illicit financial structures that keep the Iranian regime afloat. As part of this broader crackdown, another entity called Aban Tether was also sanctioned for facilitating million dollar transactions for prohibited Iranian organizations.
The allegations paint a picture of a complex web where national security interests collided with underground economies. Investigations revealed that tens of millions of dollars passing through Shelbit originated from suspected Iranian bitcoin mining operations and one of the world’s largest illegal online gambling networks run by social media influencers. Federal authorities pointed to these ties as evidence of systemic corruption within the Iranian leadership, noting that the regime allowed such gambling rings to flourish while maintaining a strict public image.
Despite these heavy accusations, Shelbit released a statement via its recently reactivated website categorically rejecting claims that it knowingly engaged in money laundering or terrorist financing. The company asserted that it had ceased all operations back in January 2026. However, local regulators in Dubai have already weighed in, with the Virtual Assets Regulatory Authority issuing a notice stating that Shelbit violated anti-money laundering laws and threatened the overall integrity of the United Arab Emirates’ financial system.
