US Sanctions Dubai Crypto Exchange Shelbit for Aiding Iran
2 sources across 2 countries · Israel · United Kingdom
Who reported this
- The Times of Israel
- Reuters
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
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Every outlet covering this story shares the same political lean; read with that in mind.
The United States Treasury Department on Friday sanctioned Shelbit, a Dubai based cryptocurrency exchange, for allegedly processing millions of dollars for Iran's Islamic Revolutionary Guard Corps (IRGC) and other state linked groups. The designation follows a Reuters investigation that identified Shelbit as the center of a 4 billion dollar Iranian sanctions evasion scheme. The investigation found that the exchange moved cryptocurrency for Iran's central bank and an illegal online gambling network, as well as addresses linked by the Israeli government to the IRGC.
Treasury Secretary Scott Bessent stated that the department will dismantle illicit financial networks that support the Iranian regime. In addition to Shelbit, the US sanctioned Siavash Kayvanpour, the expatriate Iranian founder of Shelbit, for providing material support to the IRGC and Nobitex, which is Iran's largest cryptocurrency exchange. The US also sanctioned Aban Tether, an Iran based exchange, for processing transactions for sanctioned entities including Nobitex.
Shelbit issued a statement on its website categorically rejecting suggestions that it knowingly participated in sanctions evasion, money laundering, or terrorist financing. The company also claimed it ceased operations in January 2026. Previously, Dubai's Virtual Assets Regulatory Authority (VARA) issued a notice stating that Shelbit violated money laundering and terrorism financing laws, noting that the transactions could impact the integrity of the UAE financial system.
How each side framed it
- Centre
- Both center leaning sources framed the event as a law enforcement and national security action targeting illicit financial networks used by the Iranian government.
Sources
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