$676 Million Flows Through Shelbit to Binance Amid Money Laundering Suspicions

A Reuters investigation has uncovered a massive financial flow between Shelbit, an unregulated Dubai-based platform, and Binance. At least $676 million was transferred to Binance, with some of this money moving after Shelbit was sanctioned by VARA in January 2025.

The Shelbit platform is suspected of laundering Iranian funds and has been linked to a network of online betting sites, the Iranian central bank, and wallets associated with the Islamic Revolutionary Guard Corps (IRGC).

Binance claims that its compliance program worked as it should after accounts linked to Shelbit were identified, but critics argue that this is not proactive detection, but rather after-sales service.