$4B Iranian Sanctions-Evasion Operation Uncovered in Dubai Gambling Network

A vast and complex financial network operating in Dubai has been linked to a massive $4 billion Iranian sanctions-evasion operation centered on Shelbit, an unlicensed cryptocurrency exchange. The network allegedly routed millions of dollars in digital assets through Shelbit, which provided access to international markets for gambling operators, Iran's central bank, and other sanctioned entities.

The operation appears to have exploited ordinary customer pathways to move funds, making it difficult for monitoring systems or investigators to detect the connection to sanctioned actors. Binance, a prominent cryptocurrency company, reported that Shelbit never maintained an account on its platform but froze relevant accounts and notified law enforcement after investigating users connected with the operation.

Investigators have drawn links between the operation and Iran's Islamic Revolutionary Guard Corps (IRGC), although direct control remains unconfirmed. One independent blockchain investigator described Shelbit as an IRGC operation, while the underlying report could not establish whether the military organization controlled either Shelbit or the gambling network.