US sanctions crypto exchanges over Iran funds
Washington, Aug 8
The United States imposed sanctions on two digital asset exchanges and a network of companies it accused of helping Iran launder billions of dollars, evade sanctions and support the Islamic Revolutionary Guard Corps.
The action targets six entities and one individual across Iran, Georgia, Poland and the United Arab Emirates. It follows what the State Department described as Iranian attacks on commercial vessels in the Strait of Hormuz earlier this week.
The State Department said Tehran uses digital asset exchanges to maintain access to the international financial system. It said the sanctions were intended to deny Iran resources used to threaten neighbouring countries, support terrorism and advance its nuclear programme.
The Treasury Department identified Siavash Kayvanpour as the operator of a multinational network that supports illicit digital currency activity. Kayvanpour was born in Iran, holds additional citizenship from Dominica and Afghanistan, and has resided in the UAE, it said.
Kayvanpour operates the Shelbit Exchange through SHPS Shelbit, a company based in Georgia, according to the Treasury. Digital currency addresses belonging to the IRGC sent more than $1 million in assets to Shelbit addresses, while more than $2 million moved from Shelbit to IRGC addresses, it said.
Addresses belonging to or controlled by Kayvanpour also sent more than $2 million in digital assets to Nobitex, an Iranian exchange already under US sanctions.
"The Iranian regime's reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working," Treasury Secretary Scott Bessent said.
"We will continue to increase the economic pressure. Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat."
The Treasury said Shelbit services a large Persian-language online gambling network. Tens of millions of dollars in digital assets linked to that operation were allegedly laundered through the exchange.
The sanctions also cover UAE-based Shelbit General Trading LLC, Crypto Home DMCC and NFT Home DMCC. Poland-based Shelbit Technologies Ltd was designated as well.
The UAE's Virtual Assets Regulatory Authority took enforcement action against Shelbit General Trading in January 2025 and July 2026, the Treasury said. It also acted against Crypto Home in January 2025.
OFAC separately sanctioned Aban Tether, an Iran-based exchange accused of processing transactions worth millions of dollars involving Nobitex and other previously designated exchanges, including Wallex, Bitpin and Ramzinex.
The State Department's Rewards for Justice programme is offering up to $15 million for information leading to disruption of the IRGC's financial mechanisms. It is seeking details about sanctions-evasion networks, front companies, exchange houses, revenue sources and transfers to Iran-backed armed groups.
The IRGC was established after Iran's 1979 revolution as a branch of the country's military. The United States designated it a Foreign Terrorist Organisation in April 2019 and had earlier named it a Specially Designated Global Terrorist under US counterterrorism authorities.
— IANS
Reader Comments
While I understand the need to curb terrorism funding, using crypto exchanges as a scapegoat seems a bit convenient. Crypto was supposed to be decentralised and free from government control, but now we see the US using its financial power to bully smaller nations. India needs to be careful about how much it aligns with these unilateral sanctions, especially when we buy oil from Iran.
Interesting how the US is able to track these crypto transactions so easily. If they have this kind of visibility, why can't they do more to track terror financing through traditional banking channels? Or is it that crypto just makes for a better headline? Either way, this is a reminder that "anonymous" crypto isn't so anonymous after all. 🧐
As someone who follows geopolitics closely, I think this is just another chapter in the long-standing US-Iran rivalry. India has historically maintained balanced relations with both nations. I hope our government continues to tread carefully and doesn't get drawn into US-led pressure campaigns that could affect our energy security and economic interests.
$15 million reward for information is a huge amount! But honestly, how many people in Iran are going to risk their lives to inform on the IRGC? The US needs to understand that sanctions and rewards don't always work when people genuinely believe in their cause, right or wrong. This seems like more of a symbolic gesture than a practical solution.
I appreciate that the US is cracking down on illicit crypto networks, but where was this energy when similar transactions were happening through traditional banks? Also, the UAE being a hub for these operations isn
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.