Binance Tied to Sanctions-Evasion Network Worth $4 Billion
A Reuters investigation has uncovered a complex sanctions-evasion network that connects Tehran's financial system to the world's largest crypto exchanges, including 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's biggest client was an Farsi-language gambling operation spanning over 2,000 websites, run by influencers Sasha Sobhani and Pooyan Mokhtari, who were convicted of illegal gambling charges in Iran in 2023. Despite their convictions, the network continued to operate, and Shelbit processed at least $250 million tied to those sites.
The exchange also maintained connections to Nobitex, a sanctioned Iranian crypto platform, and entities linked to the Iranian Revolutionary Guard Corps (IRGC). Blockchain analysis found that approximately $676 million moved from Shelbit-linked wallets to Binance during the period under review.