Binance Tied to Iran Sanctions-Evasion Flows Worth $676 Million

A Reuters investigation revealed that $676 million in Iran sanctions-evasion flows were traced to Binance's wallets.

The unlicensed Dubai exchange behind those flows, Shelbit, processed at least $4 billion since May 2024 as a hub linking Iranian gambling sites, Iran’s central bank, and entities tied to the Islamic Revolutionary Guard Corps (IRGC).

About $540 million of the money that reached Binance moved after Dubai's Virtual Assets Regulatory Authority (VARA) fined Shelbit in January 2025 for operating unlicensed.

Binance disputed the $540 million post-fine figure, stating that Shelbit never held a direct account on the platform. The exchange said accounts tied to Shelbit users were investigated, frozen, and reported to law enforcement once identified.