Siavash Kayvanpour

The U.S. Treasury has sanctioned Shelbit Exchange and Iran-based Aban Tether, alleging the platforms helped Iran move funds outside traditional banking channels. The action expands Washington’s campaign against crypto networks and shadow banking channels tied to sanctioned Iranian entities.

A Dubai-based crypto exchange has become the focus of allegations involving a $4 billion Iranian sanctions-evasion network tied to illegal gambling platforms and sanctioned entities. Investigators say funds connected to Shelbit moved through major global crypto venues, while Binance says Shelbit never held an account on its platform and that it froze relevant accounts after review.