The U.S. Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Shelbit, a Dubai-based cryptocurrency exchange, along with its founder, over allegations that the platform moved money to Iran's Islamic Revolutionary Guard Corps (IRGC). OFAC data cited in the action shows that more than $3 million flowed between wallets connected to the exchange and wallets associated with the IRGC. Shelbit is registered in Georgia and operates from Dubai. Its founder allegedly ran the business through a network of shell companies established across several countries. The sanctions follow an investigation by Reuters that relied on blockchain data. Shelbit has been added to the Specially Designated Nationals and Blocked Persons List. Any assets the exchange holds in the United States are frozen, and third parties that engage in transactions with Shelbit could face secondary sanctions risk. Techub News reported the development, and the case was covered by Spaziocrypto.
Techub News reports that the U.S. Treasury's Office of Foreign Assets Control (OFAC) has placed Dubai-based crypto exchange Shelbit and its founder on its sanctions list, accusing the exchange of channeling funds to Iran's Islamic Revolutionary Guard Corps (IRGC).
According to OFAC data, more than $3 million moved between the wallets involved and wallets tied to the IRGC. Shelbit is registered in Georgia and operates from Dubai; its founder carried out operations through a network of shell companies spanning multiple countries.
The designation follows a Reuters investigation based on blockchain data. Shelbit is now on the SDN List, with U.S. assets frozen. Third parties that transact with the platform also face secondary sanctions risk. (Spaziocrypto)
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