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Key facts
Source:US Treasury (UK HM Treasury, Open Government Licence v3.0)
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions targeting a network of digital asset exchanges and individuals allegedly used by the Iranian regime to fund the Islamic Revolutionary Guard Corps (IRGC). The Treasury Department stated that these platforms were utilized to launder billions of dollars and maintain access to global financial systems through complex corporate structures and online gambling operations.
The sanctions specifically target Siavash Kayvanpour, who is accused of managing a multi-national network of companies that facilitate illicit cryptocurrency activity. Under Executive Order 13224, the Treasury designated Kayvanpour’s Georgia-based company, SHPS Shelbit (Shelbit Exchange), and its UAE-based affiliate, Shelbit General Trading LLC. The Treasury alleges that digital currency addresses linked to the IRGC have transferred millions of dollars through the Shelbit Exchange.
The enforcement action also includes several other entities controlled by Kayvanpour, including Poland-based Shelbit Technologies Ltd, as well as the UAE-based firms Crypto Home DMCC and NFT Home DMCC. Additionally, the announcement identifies the Iranian-based exchange Nobitex as a sanctioned entity, noting that Kayvanpour’s controlled addresses have transferred over $2 million to the platform.
This action was developed in partnership with the Internal Revenue Service-Criminal Investigation (IRS-CI) and aligns with the U.S. policy of maximum economic pressure on Iran under National Security Presidential Memorandum 2. Furthermore, the U.S. Department of State’s Rewards for Justice program is offering a reward of up to $15 million for information that helps disrupt the financial mechanisms of the IRGC.
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Disclaimer. Strait Up Maritime aggregates and summarises sanctions-related news from public-domain government sources (US Treasury OFAC, UK OFSI). Summaries are generated automatically by AI and may contain inaccuracies. We do not warrant the accuracy, completeness, or timeliness of any content on this page. Strait Up Maritime is a journalism and information service — it is not a substitute for legal counsel, regulatory advice, or official sanctions verification. Use of this content is governed by our Terms of Use and News Aggregation Policy.