US Treasury Sanctions Shelbit for $4 Billion Iranian Scheme

The United States Department of the Treasury sanctioned Shelbit, a Dubai-based cryptocurrency exchange, and its founder, Siavash Kayvanpour, for allegedly facilitating a $4 billion sanctions evasion scheme for the Iranian government. The Treasury alleges the exchange processed millions of dollars for the Islamic Revolutionary Guard Corps, Iran's central bank, and an illegal online gambling network.

These sanctions follow a Reuters investigation and a notice from Dubai's Virtual Assets Regulatory Authority, which cited violations of money-laundering and terrorism financing laws. The Treasury stated it intends to dismantle the illicit financial networks that support the Iranian regime.

Shelbit issued a statement on August 1 categorically rejecting claims that it knowingly participated in illegal activities, including money laundering or sanctions evasion. The company further asserted that it ceased all operations in January 2026.