The U.S. has sanctioned a Dubai-based cryptocurrency exchange, accusing it of aiding Iran’s Islamic Revolutionary Guard Corps (IRGC) in financial activities. The Treasury Department added the exchange to its list of entities involved in sanctions evasion, linking it to a $4 billion scheme identified by Reuters. The exchange, named Shelbit, is said to have facilitated transactions that supported the IRGC and other state-linked groups, according to the U.S. government.
The sanctions were announced by the U.S. Treasury, which highlighted the exchange’s role in enabling illicit financial flows. The founder of Shelbit was also blacklisted, marking a significant move against cryptocurrency platforms that allegedly support Iran’s military and intelligence operations. This action aligns with broader U.S. efforts to disrupt Iran’s access to global financial systems.
The U.S. claims the exchange operated without proper licensing, allowing it to process large volumes of cryptocurrency transactions. These activities are believed to have funded Iran’s military and intelligence networks. The sanctions underscore the growing focus on cryptocurrency as a tool for circumventing international financial restrictions. (timesofisrael.com)
