The U.S. targets a Dubai-based cryptocurrency exchange in the latest round of sanctions against Iran The U.S. Treasury Department announced sanctions on a major Dubai-based cryptocurrency exchange and its founder, accusing them of laundering money for the Islamic Revolutionary Guard Corps (IRGC) and other Iranian government-linked individuals. According to the Treasury Department, the sanctioned crypto exchange, named Shelbit, and its founder, Siavash Kayvanpour, an Iranian expatriate, are part of a transnational corporate network supporting illegal digital currency activities. The Treasury Department also stated that it sanctioned the Iran-based digital asset exchange Aban Tether, accusing it of processing transactions worth millions of dollars involving previously designated Iranian digital asset exchanges. Additionally, the Treasury announced sanctions on several other Dubai-based exchange institutions, alleging they helped Iranian banks illegally transfer funds. In a statement, U.S. Treasury Secretary Scott Besant said: “The Treasury will track and dismantle the illicit financial networks that sustain this regime.”