Binance Received $676M from Iran-Linked Crypto Exchange Amid Sanctions Evasion Allegations
Shelbit, an unlicensed Dubai crypto exchange allegedly linked to Iran, has processed at least $4 billion in cryptocurrency since May 2024. This figure is based on blockchain data reviewed by Reuters.
About $676 million of this amount flowed directly to Binance from wallets associated with Shelbit, according to the investigation. The majority of these transactions took place after Dubai's crypto regulator fined Shelbit for operating without a license in 2025.
Researchers linked at least $540 million of these funds to Shelbit after the fine was issued. Additionally, $125 million from Iran's central bank and $20 million from an unnamed Iranian Bitcoin mining entity were also connected to Shelbit through intermediary wallets.
Rich Sanders, a blockchain investigator focused on Iran, described Shelbit as 'an IRGC operation' due to its alleged ties with the Islamic Revolutionary Guard Corps. However, Reuters could not confirm whether the IRGC directly controlled Shelbit or the related Farsi-language gambling network spanning over 2,000 websites.