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Dubai Crypto Exchange Accused of Facilitating $4 Billion in Sanctioned Iranian Transactions

Guavy AI Editorial Team
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A recent investigation has uncovered an alleged network in Dubai that used cryptocurrency to facilitate billions of dollars in transactions for sanctioned Iranian entities, including ties to Iran's central bank and a large online gambling operation.

The alleged network utilized blockchain technology and international crypto markets to move funds, tracing at least $4 billion in transactions through Dubai-based exchange Shelbit. Investigators found links between Shelbit and Iran's central bank, as well as an online gambling network.

Dubai regulators have taken action against Shelbit for operating without a license and are now probing broader allegations of financial crime and AML failures.

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