Binance Tied to $4Bn Iranian Sanctions-Evasion Network

A Reuters investigation has uncovered a massive sanctions-evasion network linked to Iran's central bank and an Iranian online gambling network, with at least $676M in cryptocurrency flowing from wallets associated with Shelbit, an unlicensed Dubai-based exchange, into Binance.

The findings suggest that Shelbit processed at least $4Bn in cryptocurrency since May 2024 as part of a suspected Iranian sanctions-evasion network. The scale and timing of the alleged flows indicate that Binance continued operating at volume through regulatory action rather than winding down in response to it.

Blockchain data reviewed by Reuters shows that funds flowed from Shelbit-linked wallets to Binance, with Shelbit acting as an aggregation layer for money from three main sources: Iran's central bank, an unnamed Iranian bitcoin mining entity, and the Iranian online gambling network. At least $125M was traced from the central bank to Shelbit, along with another $20M from the mining operation.