US sanctions Iranian crypto exchange Shelbit tied to $4B IRGC network

The US Treasury has traced more than $3 million in cryptocurrency transfers linking the Iranian exchange Shelbit to wallets tied to the Islamic Revolutionary Guard Corps, part of a fresh wave of US sanctions targeting Iranian crypto networks accused of moving money for a sanctioned military organization. The action, confirmed through the Treasury’s Office of Foreign Assets Control, adds Shelbit and its operator to a growing list of digital-asset platforms Washington says have been used to funnel funds around sanctions walls meant to isolate Tehran’s economy.

Key takeaways

• The US Treasury traced over $3 million in transfers between Shelbit and wallets linked to the IRGC.
• OFAC sanctioned Shelbit’s operator along with several companies he controlled across multiple countries.
• Shelbit is an Iranian cryptocurrency exchange separately reported by Reuters and CoinDesk to be run by Iranian expatriate Siavash Kayvanpour and connected to a broader $4 billion sanctions-evasion network based in Dubai.
• The sanctions fall under the US “Economic Fury” campaign, which aims to cut off illicit Iranian financing routes, including those built on crypto infrastructure.
• The move follows earlier sanctions against Nobitex, Iran’s largest crypto exchange, showing that enforcement against Iranian crypto platforms has been escalating rather than easing.

US Treasury identifies significant transfers between Shelbit and IRGC wallets

Investigators at the Treasury zeroed in on a paper trail showing over $3 million moving between Shelbit and crypto wallets connected to the IRGC, according to reporting from The Block. That figure represents the specific slice of transactions federal investigators were able to attribute directly to the sanctioned military body, though the exchange’s broader footprint appears far larger.

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