$4B Sanctions Evasion Scheme Uncovered Through Dubai Crypto Hub

An illicit Iranian gambling network has been exposed for helping to pull off a $4 billion sanctions evasion operation, according to AML Intelligence. The network allegedly sends millions of dollars worth of crypto through an office in Dubai, part of Shelbit, an unlicensed crypto exchange run by an expatriate Iranian.

The office is located above a budget hotel in an unfashionable neighborhood, with Shelbit listed as the address according to data from two crypto investigative firms and an independent analyst.

This operation highlights the ongoing challenge of enforcing sanctions on cryptocurrency transactions, which can be easily laundered or transferred across borders.