U.S. Sanctions Georgia-Based Crypto Firm Over Alleged Iran IRGC Ties
The US Treasury Department has sanctioned a cryptocurrency company based in Georgia as part of a new round of measures targeting networks accused of financing Iran’s Islamic Revolutionary Guard Corps (IRGC) and supporting illicit financial activities.
Based on a statement by the US Treasury Department, the sanctions target cryptocurrency companies and individuals involved in networks that support the IRGC through digital currency transactions, Georgia Today reported.
Among those sanctioned is Siavash Kayvanpour, an Iranian-born individual who also holds citizenship of Dominica and Afghanistan and has resided in the United Arab Emirates. The Treasury Department said Kayvanpour operates a multinational network of companies involved in illicit digital currency activity.
Department says Kayvanpour operates the Shelbit Exchange through SHPS Shelbit, a company based in Georgia.
The Treasury said digital currency addresses associated with the IRGC had transferred more than $1 million worth of digital assets to addresses belonging to the Shelbit Exchange.
It added that more than $2 million worth of digital assets had been transferred in the opposite direction – from Shelbit Exchange addresses to cryptocurrency addresses associated with the IRGC.
The measures are part of Washington’s latest sanctions targeting networks it says help Iran’s IRGC access and move funds through the international cryptocurrency sector.
