Dubai-Based Crypto Exchange Shelbit Shuttered for Allegedly Facilitating Iran Sanctions Evasion
A Dubai-based cryptocurrency exchange called Shelbit has been shut down for allegedly serving as a central hub for an illicit $4 billion Iranian sanctions evasion network. The exchange, which operated without a functional public website, processed billions in digital assets despite having no license to do so.
According to a Reuters investigation, Shelbit's primary volume was generated by a Farsi-language online gambling network of over 2,000 websites offering slots, blackjack, and roulette. The network was fronted by two prominent Iranian social media influencers: Sasha Sobhani and Pooyan Mokhtari.
Blockchain records reviewed by Reuters showed that Shelbit transferred at least $676 million in cryptocurrency to Binance since May 2024. Roughly $540 million of those transfers occurred after Dubai's Virtual Assets Regulatory Authority (VARA) fined Shelbit for operating without a license.
The US Treasury Department confirmed that the Office of Foreign Assets Control (OFAC) is taking the allegations 'very seriously' as part of ongoing efforts to target Iranian digital asset networks. Both Sobhani and Mokhtari denied any involvement in money laundering, sanctions evasion, or state-backed financial operations.