Key facts
- The U.S. Treasury has sanctioned Dubai-based Shelbit.
- The U.S. Treasury has sanctioned Iran-based Aban Tether.
- Shelbit and Aban Tether are accused of processing cryptocurrency for Iran's IRGC.
- Millions of dollars in cryptocurrency were allegedly processed.
- Shelbit's founder, Siavash Kayvanpour, was also sanctioned.
- The IRGC is designated by the U.S. as a terrorist organization.
- The sanctions aim to disrupt financial flows to the IRGC.
The U.S. Treasury Department has imposed sanctions on Shelbit, a cryptocurrency exchange based in Dubai, and Aban Tether, an Iran-based entity. The Treasury alleges that these entities have processed millions of dollars in cryptocurrency transactions on behalf of Iran's Islamic Revolutionary Guard Corps (IRGC) and other entities subject to U.S. sanctions. Siavash Kayvanpour, the founder of Shelbit, has also been targeted by these sanctions. The U.S. government views the IRGC as a foreign terrorist organization and is working to disrupt its access to financial resources. These sanctions are part of a broader effort by the U.S. to counter illicit financial activities and prevent sanctioned groups from obtaining funding through the digital asset space. The Treasury's action signals its continued focus on enforcing sanctions against entities that support state sponsors of terrorism and other illicit actors. The move aims to further isolate the IRGC financially and limit its operational capabilities by cutting off avenues for cryptocurrency-based fundraising and transactions.