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See the full story · 2 sourcesA Reuters probe revealed Shelbit moved crypto for Iran’s central bank, a major illegal online gambling operation, and addresses linked by the Israeli government to the IRGC
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The United States has imposed sanctions on an unlicensed multi-state cryptocurrency exchange, alleging it facilitated millions of dollars in crypto transactions for Iran ’s elite Islamic Revolutionary Guard Corps and other state-linked groups.
This action follows a Reuters investigation published on July 31, which identified the Dubai -based exchange, Shelbit, as central to a $4 billion Iranian sanctions evasion network.
The probe revealed Shelbit moved crypto for Iran’s central bank, a major illegal online gambling operation, and addresses linked by the Israeli government to the IRGC .
The U.S. Treasury also sanctioned Siavash Kayvanpour, the expatriate Iranian founder of Shelbit and its associated companies, for providing material support to the IRGC and Nobitex, Iran’s largest cryptocurrency exchange.
Nobitex itself was sanctioned on June 2 for enabling the Iranian government to bypass Western sanctions, also following a Reuters investigation.
"Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat," Secretary of the Treasury Scott Bessent stated.
Additionally, the Treasury announced sanctions against Aban Tether, an Iran-based crypto exchange, for processing millions in transactions for sanctioned Iranian entities, including Nobitex.
Shelbit’s website, which had been inactive for months, was reactivated the day after the Reuters investigation was published.
Despite its prior dormancy, the exchange reportedly continued processing funds, even amid the U.S. and Israeli conflict with Iran.
On August 1, Shelbit issued a statement on its reactivated site, asserting, "Shelbit LLC categorically rejects any suggestion that the company knowingly participated in money laundering , terrorist financing, illegal gambling activity, sanctions evasion, or activity on behalf of any sanctioned, military, or governmental organization."
The company also claimed to have ceased operations in January 2026. Shelbit and Kayvanpour did not immediately respond to requests for comment.
The Treasury commented on its website, "The Iranian regime’s willingness to allow this gambling network to operate highlights its hypocrisy and corruption."
These OFAC designations come shortly after Dubai’s Virtual Assets Regulatory Authority (VARA) issued a notice accusing Shelbit of violating money-laundering and terrorism financing laws.
VARA stated on July 24, "The exposure identified by VARA extends beyond consumer protection to more egregious cross-border transactions with the propension to impact the integrity of the UAE financial system." VARA did not respond to a request for comment.
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