U.S. Sanctions Dubai Crypto Exchange Shelbit for Aiding Iran's IRGC and Sanctions Evasion

The U.S. has sanctioned Shelbit, an unlicensed cryptocurrency exchange based in Dubai, for allegedly processing millions of dollars in crypto transactions for groups linked to Iran's Revolutionary Guards (IRGC) and facilitating a $4 billion Iranian sanctions evasion scheme. This action follows a Reuters investigation that identified Shelbit as a central hub for these illicit activities, including moving crypto for Iran's central bank and an illegal online gambling network. Dubai's Virtual Assets Regulatory Authority (VARA) had previously issued a notice regarding Shelbit's violations of money-laundering and terrorism financing laws.