Unlicensed Dubai exchange processed $4 billion tied to Iran sanctions evasion: Report
Shelbit allegedly processed funds connected to Iran's central bank, IRGC-linked wallets, sanctioned exchange Nobitex and a suspected Iranian Bitcoin mining operation.
A Reuters investigation has identified an alleged $4 billion Iranian sanctions-evasion operation involving unlicensed Dubai crypto exchange Shelbit, whose blockchain activity was linked to Iran’s central bank, IRGC-associated wallets, sanctioned exchange Nobitex and roughly $20 million traced from a suspected Iranian Bitcoin mining operation through intermediary wallets.
According to blockchain data reviewed by Reuters, Shelbit’s largest customer base consisted of a network of more than 2,000 Farsi-language online gambling sites promoted by dozens of social media influencers.
Former IRGC-linked sources told Reuters the Revolutionary Guards effectively took control of Iran’s online gambling sector years ago, allowing the banned industry to generate revenue while relying on Iran’s tightly controlled payment infrastructure.
Former IRGC-linked sources told Reuters the Revolutionary Guards effectively took control of Iran’s online gambling sector years ago, allowing the banned industry to generate revenue while relying on Iran’s tightly controlled payment infrastructure.
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Blockchain analysis also showed at least $676 million flowing from Shelbit to Binance since May 2024, including hundreds of millions after Dubai regulators penalized the exchange for operating without authorization.
Following Reuters’ inquiries, Dubai’s regulator issued a cease-and-desist order, while Binance said the transactions had not been identified as high risk by external screening tools and that some accounts had been frozen and reported. US Treasury officials said they were reviewing the allegations.