$4 Billion Sanctions-Evasion Operation Exposed Through Dubai-Based Crypto Exchange
A Dubai-based cryptocurrency exchange called Shelbit has been accused of processing at least $4 billion in transactions, connecting an Iranian gambling network, Iran's central bank, and entities linked to the Islamic Revolutionary Guard Corps (IRGC), according to a report by Reuters.
The exchange is run by Siavash Kayvanpour, an Iranian expatriate who began operating Shelbit in May 2024. Blockchain data analyzed by two unnamed investigative firms and researcher Rich Sanders showed that Shelbit handled funds from the central bank, wallets linked to the IRGC, and Nobitex, Iran's largest cryptocurrency exchange.
The report also found that Shelbit directly interacted with the gambling network promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari. Researchers said Shelbit processed at least $125 million from the central bank and another $20 million originating from a suspected Iranian bitcoin mining operation.
Binance received at least $676 million in transactions linked to Shelbit, including about $540 million after Dubai's Virtual Assets Regulatory Authority (VARA) fined Shelbit in January 2025 for operating without a license. Binance claimed that Shelbit itself never held an account on the platform, but accounts associated with its users were investigated, frozen and reported to law enforcement.