Washington targets Shelbat and its Iranian founder, alleging the exchange facilitated millions of dollars in cryptocurrency transactions linked to sanctioned Iranian entities.
WASHINGTON, UNITED STATES — WEB DESK: The United States has imposed sanctions on Dubai-based cryptocurrency exchange Shelbat and its Iranian founder Siavash Keyvanpour, accusing the platform of facilitating cryptocurrency transactions linked to sanctioned Iranian entities.
According to the information provided, US authorities allege that Shelbat processed millions of dollars in cryptocurrency transactions for entities including Iran’s Islamic Revolutionary Guard Corps (IRGC), the Central Bank of Iran and other Iran-linked organisations.
US targets alleged Iranian financial network
The US action is aimed at disrupting what Washington describes as an Iran-linked financial network that allegedly used cryptocurrency transactions to move funds and circumvent American sanctions.
Reuters has previously reported on financial networks involving cryptocurrency transactions connected to Iran, highlighting the growing role of digital assets in international sanctions-evasion investigations.
US authorities allege that Shelbat played a role in facilitating transactions for Iranian-linked entities.
Shelbat founder also sanctioned
Washington has also placed Shelbat founder Siavash Keyvanpour under sanctions.
The Dubai-based exchange was reportedly part of a wider cryptocurrency network through which transactions worth billions of dollars were conducted.
The US measures reflect Washington’s broader effort to restrict financial channels that it believes could enable sanctioned Iranian organisations to access international financial networks.
Regulatory concerns
The exchange has also faced regulatory scrutiny over alleged deficiencies related to anti-money-laundering requirements and controls aimed at preventing terrorist financing.
Such measures are designed to ensure cryptocurrency platforms identify suspicious transactions and prevent their services from being used to move illicit funds.
However, Shelbat has rejected allegations that it was involved in illegal activity or money laundering.
Shelbat denies wrongdoing
Shelbat has denied involvement in illicit financial activities and said its operations ceased in January 2026.
The company’s response highlights the dispute over the nature of its past activities and whether transactions processed through the platform were knowingly connected to sanctioned Iranian entities.
The US sanctions nevertheless place additional pressure on Iran-linked cryptocurrency networks as Washington continues to use financial restrictions to target Tehran’s access to international funding channels.
The development also underscores the growing importance of cryptocurrency regulation in sanctions enforcement, particularly as governments increasingly monitor digital-asset platforms for potential money laundering and sanctions evasion.
