Dubai-Based Crypto Exchange Shelbit Linked to $4 Billion Iranian Sanctions Evasion Operation

A massive Iranian sanctions evasion operation has been uncovered by Reuters, revealing a $4 billion network centered around Dubai-based crypto exchange Shelbit. According to investigators, Shelbit is linked to Iran's central bank and IRGC-connected wallets, and has processed billions through global crypto markets, including Binance.

The exchange, founded by Siavash Kayvanpour, has been accused of helping the IRGC move money abroad using online gambling networks. The operation, which has been ongoing since May 2024, has seen Shelbit process at least $4 billion in transactions. Tens of millions of dollars of crypto can be traced through blockchain records to Shelbit.

Shelbit has interacted directly with Iran's central bank and Nobitex, an Iranian exchange sanctioned by the government earlier this year after a Reuters investigation revealed its ties to the government. The exchange has also moved hundreds of millions in currency to some of the most prominent players in crypto, including Binance.