Dubai-Based Shelbit Exchange Exposed in $4 Billion Iranian Sanctions Evasion Scheme
A massive Iranian sanctions evasion network has been exposed by Reuters, operating through an unlicensed cryptocurrency exchange named Shelbit in Dubai.
The exchange has processed over $4 billion since May 2024 and serves as a critical financial hub linking Iran's central bank, state-backed bitcoin mining operations, entities tied to the Islamic Revolutionary Guard Corps (IRGC), and an illegal gambling network of over 2,000 Farsi-language websites.
Despite strict prohibitions against gambling in Iran, the network uses the country's central bank-regulated online payments system to access global crypto markets and major international exchanges.
The operation is fronted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari, who promote the gambling sites to millions of social media followers while flaunting lavish lifestyles abroad.