US sanctions Dubai crypto exchange for aiding Iran's IRGC, following a Reuters report

The United States has imposed sanctions on Shelbit, a Dubai-based cryptocurrency exchange, accusing it of facilitating millions of dollars in transactions for Iran's Islamic Revolutionary Guard Corps (IRGC) and other entities linked to the Iranian state. This action stems from a Reuters investigation published on July 31, which identified Shelbit as a central player in a $4 billion scheme to evade international sanctions.

“

Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.

The investigation revealed that Shelbit handled cryptocurrency for Iran's central bank, a major illegal online gambling network, and entities connected to the IRGC. The U.S. Treasury also targeted Siavash Kayvanpour, the Iranian founder of Shelbit, and other companies for providing support to the IRGC and Nobitex, Iran's largest crypto exchange. Nobitex itself was previously sanctioned by the U.S. in June following another Reuters report.

Treasury Secretary Scott Bessent declared, "Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat." Despite Shelbit's website being down for months, it continued processing transactions. The site reactivated the day after the Reuters investigation was published.

“

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.

Shelbit issued a statement on its reactivated website on August 1, categorically rejecting any claims of involvement in money laundering, terrorist financing, illegal gambling, or sanctions evasion. The exchange also stated it ceased operations in January 2026. The U.S. Treasury highlighted that millions of dollars processed by Shelbit originated from a suspected Iranian bitcoin mining operation and a large illegal gambling network run by social media influencers, criticizing the Iranian regime's tolerance of such activities.

“

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.