The United States has imposed sanctions on a Georgia-linked cryptocurrency company and several related entities as part of a broader effort targeting financial networks allegedly used by Iran's Islamic Revolutionary Guard Corps (IRGC) to evade sanctions, launder funds and maintain access to international financial systems.

The US Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions against SHPS Shelbit, a company registered in Georgia, and its owner, Siavash Kayvanpour, accusing them of facilitating cryptocurrency transactions linked to the IRGC and other sanctioned Iranian entities. According to OFAC, more than $2 million in digital assets was transferred between cryptocurrency addresses associated with the IRGC and the Shelbit exchange.

US authorities alleged that Kayvanpour operated a network of companies across multiple jurisdictions and used cryptocurrency exchanges and online gambling platforms to conceal the origin of funds and facilitate sanctions evasion. 

The measures come as part of Washington's broader economic pressure policy toward Iran. US authorities said the sanctions target cryptocurrency financial networks allegedly involved in facilitating transactions for the IRGC and other sanctioned actors. 

The National Bank of Georgia (NBG) stated that SHPS Shelbit had never applied for registration as a virtual asset service provider and was therefore not subject to NBG regulation. The central bank also noted that, according to the business registry, the company's registration had been cancelled.

The case has also renewed attention on Georgia's growing role as a regional hub for cryptocurrency and digital asset services. It follows recent sanctions imposed by the European Union and the United Kingdom on several Georgia-based crypto-related platforms over alleged sanctions-evasion activities linked to Russia. The latest US sanctions have also added to discussions in Washington regarding the potential use of Georgia-registered entities in activities linked to sanctioned countries, including Iran. 

Congressman Joe Wilson has been among the most vocal advocates of increased scrutiny, alleging that Iranian-linked actors have exploited Georgian companies and financial channels to evade sanctions and launder funds. Recently, he has also called for investigations into alleged Iranian influence in Georgia and initiated legislative efforts in the US Congress aimed at examining Georgia's ties with sanctioned actors and strengthening oversight of sanctions enforcement. Georgian officials have rejected such allegations and emphasized compliance with international regulations and anti-money laundering requirements.