Now Reading: US sanctions Dubai crypto exchange over alleged IRGC links
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US sanctions Dubai crypto exchange over alleged IRGC links
The United States has sanctioned Dubai-based cryptocurrency exchange Shelbit, its founder Siavash Kayvanpour and a network of associated companies, alleging they processed millions of dollars in digital assets for Iran’s Islamic Revolutionary…
The Story in Brief
The United States has sanctioned Dubai-based cryptocurrency exchange Shelbit, its founder Siavash Kayvanpour and a network of associated companies, alleging they processed millions of dollars in digital assets for Iran’s Islamic Revolutionary Guard Corps and the Iranian central bank. The Treasury also blacklisted Iran-based Aban Tether. Treasury secretary Scott Bessent said the department will 'hunt down and dismantle the illicit financial networks that keep the regime afloat.' A Reuters investigation in July identified Shelbit as the hub of a $4 billion Iranian sanctions evasion network, including moving funds for an illegal gambling ring. Shelbit denies all allegations and says it stopped operations in January 2026. Dubai’s Virtual Assets Regulatory Authority previously found the exchange violated anti-money laundering rules.
The Indian Opinion
The sanctions on Shelbit feed a familiar narrative that crypto is a rogue tool for rogue states. That is too simple. Traditional banking and gold have long served Tehran’s evasion needs. What stands out is Dubai’s regulator acting ahead of Washington, a sign the UAE wants to shed its reputation as a haven. The real test is proof: will the US now release specific transaction data tying Shelbit to IRGC operations, or will the case rest on inference?
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
