$4 Billion Iranian Sanctions Evasion Network Uncovered in Dubai Crypto Hub

A $4 billion Iranian sanctions evasion network has been uncovered by Reuters, centered on Dubai-based crypto exchange Shelbit. The exchange links a vast gambling network fronted by two globetrotting influencers to Iran's central bank and bitcoin mining operations.

Shelbit has sent hundreds of millions in cryptocurrency to Binance, the world's biggest exchange, and processed billions through global markets. Authorities are investigating Shelbit for alleged sanctions evasion and money laundering.

The network uses online gambling sites, which are controlled by Iran's Islamic Revolutionary Guard Corps (IRGC), to move money abroad. IRGC-connected wallets have interacted with Shelbit, and some cryptocurrency has come from an Iranian bitcoin mining operation.

UAE regulators are scrutinizing the exchange, its founder Siavash Kayvanpour, and a network of Iranians involved in crypto-based illegal gambling. Shelbit was ordered to cease operations by Dubai's Virtual Assets Regulatory Authority due to money-laundering and terrorism financing concerns.