The United States sanctioned a cryptocurrency exchange network in the United Arab Emirates for allegedly assisting the Islamic Revolutionary Guard Corps (IRGC).
On Friday, August 7, the United States sanctioned a cryptocurrency exchange called Shelbit and its affiliated network, saying the exchange had transferred millions of dollars in cryptocurrency for the Islamic Revolutionary Guard Corps (IRGC) and other groups linked to the Iranian regime.
The U.S. Department of the Treasury also sanctioned Siavash Kayvanpour, an Iranian living abroad who founded Shelbit and a network of other companies, for allegedly providing material support to the IRGC and Nobitex, Iran’s largest cryptocurrency exchange.
The United States also sanctioned Nobitex in June this year for allegedly helping the Iranian government circumvent Western sanctions.
In its announcement, the U.S. Treasury Department said that SHPS Shelbit, based in the United Arab Emirates, conducts business under the name “Shelbit Exchange.”
U.S. Treasury Secretary Scott Bessent also said in a statement: “Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.”
Reuters had previously reported that Shelbit, based in Dubai, had moved cryptocurrency on behalf of Iran’s central bank and had also worked with one of the world’s largest illegal online gambling networks. The exchange also transferred cryptocurrency to addresses that the Israeli government identified as linked to the IRGC.
The U.S. Treasury Department said in a statement published on its website: “The Iranian regime’s willingness to allow this gambling network to operate highlights its hypocrisy and corruption..”
The action by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) came shortly after the Dubai Virtual Assets Regulatory Authority announced that Shelbit had violated regulations concerning anti-money laundering and countering the financing of terrorism.
The U.S. Treasury Department says VARA took enforcement actions against Shelbit General Trading in January 2025 and July 2026, but the company has continued to operate.
The U.S. State Department, in a separate report, said the Treasury Department had targeted a network of exchanges and front companies linked to the Iranian regime.
The statement emphasized that the United States is taking decisive action to cut off the financial lifelines that keep the Iranian regime in power.
Accordingly, the U.S. Treasury Department took action to dismantle a network of exchanges and front companies that helped Iran secretly move hundreds of millions of dollars through the international financial system.
The U.S. State Department said: “Through these networks, Tehran accessed oil revenue and evaded sanctions designed to curb its destabilizing activities, laundering funds using front companies.”
The United States says that by targeting the banks, exchanges, and individuals who operate and facilitate this illicit network, it is making clear that anyone who helps Iran evade sanctions will face serious consequences.
The U.S. State Department described today’s Treasury Department actions as a continuation of the Trump administration’s maximum pressure policy toward Iran, which seeks to cut off the financial resources used by the regime to threaten regional stability, support terrorism, and strengthen its military capabilities.
