Binance Tied to Sanctions-Evasion Network Involving Iranian Crypto Exchange

A Reuters investigation has uncovered a complex sanctions-evasion network that links Tehran's financial system to one of the world's largest crypto exchanges, Binance. At its center is Shelbit, an unlicensed Dubai-based crypto exchange that processed at least $4 billion in digital assets since May 2024.

The network involves Shelbit acting as a bridge between Iranian state-linked entities, illegal gambling operations, and global crypto markets. One of its biggest clients was an illegal Farsi-language gambling network spanning over 2,000 websites, run by influencers Sasha Sobhani and Pooyan Mokhtari, both convicted in Iran on illegal gambling charges in 2023.

Blockchain analysis found that approximately $676 million moved from Shelbit-linked wallets to Binance during the period under review. Binance confirmed that Shelbit never held a direct account with them but conducted internal investigations and froze any accounts connected to the network.