Binance Ties to Iran-Linked Crypto Exchange Exposed in $676M Laundering Scheme

A Reuters investigation has uncovered a sprawling Iranian sanctions-evasion network that allegedly used Shelbit, an unlicensed Dubai crypto exchange, to launder hundreds of millions of dollars for Binance.

The investigation found that at least $676 million in cryptocurrency flowed from Shelbit's wallets to Binance after Dubai's crypto regulator fined Shelbit in 2025 for operating without a license. This amount is significantly higher than the reported $540 million that arrived before the fine.

The total amount processed by Shelbit since May 2024 is estimated to be at least $4 billion, with customers including a Farsi-language gambling network spanning over 2,000 websites. The exchange's wallets also interacted with Iran's central bank and other sanctioned entities.

Crypto investigators have linked Shelbit to the Islamic Revolutionary Guard Corps (IRGC), which has allegedly used online gambling to move money abroad. However, it is unclear whether the IRGC directly controlled Shelbit or the gambling network.