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US sanctions Dubai crypto exchange for laundering Iranian military funds

Treasury targets Shelbit Exchange and network allegedly used by Iran to fund IRGC through digital assets and shadow banking.

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US sanctions Dubai crypto exchange for laundering Iranian military funds
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Summary, timeline and people extracted by Claude from 24 items across 3 sources · 19h ago. Quotes are verbatim.

The Trump administration sanctioned Dubai-based Shelbit Exchange and a multinational network of crypto platforms on August 7, 2026, alleging they laundered billions in Iranian assets to benefit the Islamic Revolutionary Guard Corps. Treasury Secretary Scott Bessent said the action targets Iran's use of digital assets and shadow banking to obscure fund origins, following Reuters reporting and Iranian attacks on commercial vessels in the Strait of Hormuz.

  • US sanctioned Shelbit Exchange and related crypto platforms for allegedly laundering billions in Iranian assets to fund the IRGC through shadow banking networks.
  • Treasury Secretary cited Economic Fury operations as evidence the strategy is constraining Iran's ability to fund its military.
  • Sanctions targeted Iran-born expatriate Siavash Kayvanpour and his multinational network of exchanges across the UAE, Georgia, and Poland.
  • Action followed Reuters investigation and was characterized by State Department as retaliation for Iranian attacks on commercial vessels in the Strait of Hormuz.

How it unfolded

  1. Reaction Media coverage of sanctions

    UPI reported that authorities say Iran has been using a sprawling network of corporate entities to obscure fund origins and launder money to benefit the IRGC, with the moves characterized as retaliation for Iranian attacks on commercial vessels in the Strait of Hormuz.

  2. Event US announces crypto exchange sanctions

    The Trump administration sanctioned Shelbit Exchange, based in the UAE, along with Iran-born expatriate Siavash Kayvanpour and related crypto platforms including Aban Tether, Nobitex, Wallex, Bitpin, and Ramzinex, alleging they laundered Iranian military assets.

  3. Report Reuters investigation prompts action

    US sanctions action followed a Reuters report documenting the crypto exchange network's role in laundering money for Iran's IRGC.

  4. Reaction Treasury Secretary statement on sanctions

    Treasury Secretary Scott Bessent stated that Iran's reliance on digital assets and shadow banking networks demonstrates that Economic Fury operations targeting Iran's funding are working, and vowed to continue increasing economic pressure.

  5. Event Senate passes additional Iran sanctions bill

    On the same day, the Senate passed a bill sanctioning Iran, targeting its energy and weapons manufacturing industries.

What people are saying verbatim

“The Iranian regime's reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working.”

Scott Bessent, Treasury Secretary · UPI · Aug 6

“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.”

Scott Bessent, Treasury Secretary · UPI · Aug 6

“We will continue to increase the economic pressure.”

Scott Bessent, Treasury Secretary · UPI · Aug 6

Voices from the web unedited

  • forces from around Iran. 4. Pay the damages of the two aggressive wars imposed on Iran without fail. 5. Lift the cruel and illegal sanctions against the Iranian people. 6. Release the frozen and stolen assets of the Iranian people unconditionally.

    robertscotthorton.bsky.socialBluesky1d ago105▲view on Bluesky ↗

  • UAE and Israel lobbied the US to lift sanctions on Assad in September 2024 lol

    diplomatofnight.comBluesky19h ago34▲view on Bluesky ↗

  • US removes sanctions from three IRGC-linked entities, Treasury website shows

    reuters.comBluesky4d ago22▲view on Bluesky ↗

  • U.S. sanctions crypto exchanges for laundering Iranian military assets #UPI

    realtuckfrumper.bsky.socialBluesky2d ago12▲view on Bluesky ↗

  • Sanctions remain Washington's sharpest sword against Iran : Analysis bqmyyzd.lat/lxF46a #Iran #Sanctions #USForeignPolicy #MiddleEast #Geopolitics

    ryanngr.bsky.socialBluesky4d ago7▲view on Bluesky ↗

  • 5. Lift all sanctions imposed on Iran. 6. "Unconditionally" release all frozen Iranian assets. The demands underscore the significant gap that remains between the two sides. Several of the conditions, including ending the U.S. military presence in the region, lifting sanctions, ….

    newnarrative.bsky.socialBluesky1d ago3▲view on Bluesky ↗

  • “It also must “completely compensate” Iran for war damage, lift sanctions and “unconditionally” release frozen assets.”

    wakerevolt.bsky.socialBluesky1d ago3▲view on Bluesky ↗

  • It must “completely compensate” Iran for war damage, lift sanctions and “unconditionally” release frozen assets.

    texbrodave.bsky.socialBluesky1d ago2▲view on Bluesky ↗