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US Sanctions Crypto Hub Shelbit, Targets IRGC Funding, Strait

8/9/2026

Summary

US Treasury Sanctions

On August 7, 2026, U.S. Treasury sanctioned Shelbit, Aban Tether, and founder Siavash Kayvanpour for processing cryptocurrency for Iran’s Islamic Revolutionary Guard Corps (IRGC).
Reuters identified Shelbit as the hub of a $4 billion sanctions-evasion network moving crypto for Iran’s bank, a gambling operation, and addresses.
Dubai’s Virtual Assets Regulatory Authority said Shelbit violated money-laundering laws, and the U.S. State Department offered up to $15 million for tips to disrupt IRGC finances.

Summary

Treasury Targets Strait

The Treasury announced on August 7, 2026 that sanctions aim to force Iran to reopen the Strait of Hormuz after vessel attacks.
State Department spokesperson Tommy Pigott said the crackdown targets exchange houses moving millions of dollars and includes sanctions on magnate Mohammad Hossein Shamkhani for petroleum trade.
Officials cited progress in Oman-Iran talks as a step toward reopening the Strait, noting Tehran says only Iran and Muscat control passage.

History

Historical Context

In November 1979, after the Tehran embassy seizure, President Jimmy Carter froze about $8.1 billion of Iranian assets and banned Iranian oil imports. On August 7 2026, the Treasury sanctioned crypto-exchange Shelbit, founder Siavash Kayvanpour, and IRGC-linked firms, echoing that strategy; Treasury Secretary Scott Bessent also reported seizing roughly $500 million in Iranian-linked cryptocurrency.

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US Treasury Sanctions

On August 7, 2026, U.S. Treasury sanctioned Shelbit, Aban Tether, and founder Siavash Kayvanpour for processing cryptocurrency for Iran’s Islamic Revolutionary Guard Corps (IRGC).
Reuters identified Shelbit as the hub of a $4 billion sanctions-evasion network moving crypto for Iran’s bank, a gambling operation, and addresses.
Dubai’s Virtual Assets Regulatory Authority said Shelbit violated money-laundering laws, and the U.S. State Department offered up to $15 million for tips to disrupt IRGC finances.

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