The United States government sanctioned two cryptocurrency exchanges and several corporate entities accused of helping Iran launder billions, circumvent sanctions, and provide financial support to the Islamic Revolutionary Guard Corps (IRGC). These sanctions affect six entities and one individual located across Iran, Georgia, Poland, and the United Arab Emirates (UAE).
The Treasury Department identified the operator Siavash Kayvanpour as central to a multinational network facilitating illicit digital currency transactions. Kayvanpour, an Iranian-born individual with citizenship in Dominica and Afghanistan, currently resides in the UAE. He reportedly runs the Shelbit Exchange through SHPS Shelbit, a Georgia-based company. Evidence indicated that the IRGC’s cryptocurrency addresses transferred over $1 million to Shelbit, which in turn sent more than $2 million back to the IRGC—highlighting a circular flow of funds.
Further investigations revealed that Kayvanpour’s controlled addresses also transferred millions of dollars in digital assets to Nobitex, an Iranian exchange already under US sanctions. According to the Treasury, Shelbit’s operations include servicing a significant Persian-language online gambling network, which allegedly laundered tens of millions of dollars in digital currency through the exchange. The sanctions target not only Shelbit but also related companies registered in the UAE, such as Shelbit General Trading LLC, Crypto Home DMCC, and NFT Home DMCC, as well as Poland-based Shelbit Technologies Ltd.
The US Treasury underscored ongoing enforcement actions by the UAE’s Virtual Assets Regulatory Authority against Shelbit General Trading and Crypto Home, demonstrating increased international cooperation. In a parallel move, the Office of Foreign Assets Control (OFAC) separately sanctioned Aban Tether, an Iran-based exchange involved in processing transactions linked to Nobitex and other previously sanctioned exchanges including Wallex, Bitpin, and Ramzinex.
The State Department connected these sanctions to recent Iranian attacks on commercial vessels in the Strait of Hormuz, emphasizing that Tehran uses digital asset platforms to maintain illicit access to global financial systems. These measures intend to choke off resources Iran uses to threaten regional neighbors, support terrorist activities, and advance its nuclear ambitions. The Rewards for Justice program now offers up to $15 million for insights into IRGC financial networks, seeking information on sanctions evasion, front companies, exchange houses, and money transfers to Iran-backed armed groups.
The Iranian Revolutionary Guard Corps, established after the 1979 revolution, remains designated by the US for its role in destabilizing the region and violating international norms. The sanctions against these cryptocurrency facilitators signal a clear US commitment to dismantling shadow banking and crypto networks that bolster Iran’s illicit financial activities.