U.S. authorities on Aug. 7 sanctioned Dubai-based crypto platform Shelbit and Iranian-linked platform Aban Tether, accusing them of facilitating transactions connected to Iran’s Islamic Revolutionary Guard Corps and other sanctioned Iranian exchanges. Treasury also designated Shelbit founder Siavash Kayvanpour and several companies linked to him in Georgia, Poland and the United Arab Emirates. Treasury said IRGC-linked wallets sent more than $1 million to Shelbit addresses and received more than $2 million in return, while wallets controlled by Kayvanpour sent more than $2 million to Nobitex. Blockchain analytics firm TRM Labs said Shelbit functioned less like a conventional exchange and more like a settlement layer, tracing more than $6.3 billion through Shelbit-linked wallets between May 2024 and March 2026.