Now Reading: US hits Dubai crypto exchange for $4bn Iran evasion
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US hits Dubai crypto exchange for $4bn Iran evasion
The United States on Friday imposed sanctions on Dubai-based crypto exchange Shelbit and its founder Siavash Kayvanpour, alleging it processed millions of dollars for Iran's Islamic Revolutionary Guard Corps (IRGC) and the…
The Story in Brief
The United States on Friday imposed sanctions on Dubai-based crypto exchange Shelbit and its founder Siavash Kayvanpour, alleging it processed millions of dollars for Iran's Islamic Revolutionary Guard Corps (IRGC) and the Iranian central bank. The Treasury also sanctioned Iran-based Aban Tether, accusing it of dealing with sanctioned entities including Nobitex, Iran's largest crypto exchange. A Reuters investigation identified Shelbit as the hub of a $4 billion sanctions-evasion network, moving funds from suspected Bitcoin mining and an illegal gambling ring run by Iranian influencers.
The Indian Opinion
The sanctions feed a lazy narrative that crypto is a rogue tool used only by bad actors, ignoring its vast legitimate use. Meanwhile, the US offer of a $15 million reward for IRGC financial intelligence makes headlines, but ordinary Iranians bear the brunt of tightened sanctions. The real test is whether Dubai's regulator, VARA, will enforce its anti-money laundering rules beyond mere notices, given the UAE's own economic stakes in crypto.
Sources (3): timesofindia.indiatimes.com, economictimes.indiatimes.com, timesnownews.com
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
