US sanctions Iran's Shelbit firm over $6bn IRGC linked transfers

THE US has sanctioned an Iranian cryptocurrency firm, Shelbit, for facilitating over $6 billion in illegal blockchain transactions, primarily used to support the Islamic Revolutionary Guard Corps (IRGC). The firm, which operated essentially as a conduit rather than a legitimate exchange, reportedly processed a significant volume of digital asset transfers, predominantly in stablecoins. Shelbit's activities included ties to a gambling network and other sanctioned entities. The US Treasury's actions reflect an ongoing strategy to curb the Iranian regime's financial networks related to illicit activities.