The US has sanctioned a Georgia-based crypto company, the US Treasury Department said in a statement.

As part of the new sanctions package, the US Treasury Department has targeted crypto companies that fund Iran’s Islamic Revolutionary Guard Corps and facilitate illicit finance.

Among the individuals sanctioned is Siavash Kayvanpour (Kayvanpour), who was born in Iran, has additional citizenship from Dominica and Afghanistan, and has resided in the United Arab Emirates, operates a multi-nation network of companies that support illicit digital currency activity. Kayvanpour, through his Republic of Georgia-based company, SHPS Shelbit (Shelbit), operates the Shelbit Exchange (Shelbit Exchange). Digital currency addresses belonging to the IRGC have sent the equivalent of over $1 million in digital assets to Shelbit Exchange digital currency addresses. More than the equivalent of $2 million has also been transferred from Shelbit Exchange addresses to IRGC digital currency addresses.