US Treasury sanctions Dubai crypto platform Shelbit for aiding Iran's IRGC and banks
The United States imposed sanctions on Dubai-based exchange Shelbit, its founder Siavash Kayvanpour, and related firms for moving digital assets for Iran’s Revolutionary Guard, central bank and other state-linked entities.
On Friday, the United States Treasury announced sanctions against Shelbit, a cryptocurrency exchange based in Dubai, its founder Siavash Kayvanpour, and a web of affiliated companies. Authorities allege the platform facilitated the transfer of millions of dollars in digital currency for Iran’s Islamic Revolutionary Guard Corps, the nation’s central bank and other entities tied to the Iranian government. The sanctions package also includes Iran-based exchange Aban Tether, accused of handling similar transactions for sanctioned groups, and reinforces earlier measures against Nobitex.
One outlet's investigation published on July 31 identified Shelbit as the hub of a $4 billion network that moved funds for the IRGC, an illegal online gambling operation and a suspected Iranian bitcoin mining venture. Dubai’s Virtual Assets Regulatory Authority had earlier issued a notice that Shelbit violated anti-money-laundering and counter-terrorism financing rules. Although Shelbit’s website had been inaccessible for months, it resurfaced briefly after the investigation, with the company stating it ceased operations in January 2026 and denying any wrongdoing.
Why it matters
The sanctions aim to cut off financial channels that support Iran’s military and illicit activities, affecting global crypto compliance.
How the sides frame it
MODERATE AGREEMENTLeft-leaning coverage situates the sanctions within a wide-ranging Iran-related package targeting banks, exchanges and shell firms, while centrist coverage zeroes in on the Treasury’s action against the Dubai crypto platform Shelbit and its alleged role for the IRGC.
LEFT
Frames the story as part of a comprehensive Iran sanctions effort aimed at dismantling a network of banks, exchanges and shell companies supporting Tehran’s finance.
CENTER
Frames the story around the Treasury’s targeting of the Dubai crypto exchange Shelbit for facilitating illicit transfers for Iran’s IRGC and central bank.
The left emphasises
- eighth Iran-related sanctions package
- targeted key elements of Tehran’s financial infrastructure
- named Shahr Bank, Titan Exchange, Alps International and a network of shell firms
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