Dubai Crypto Exchange Accused of Facilitating $4 Billion Iran Sanctions Evasion
A Dubai-based cryptocurrency exchange called Shelbit has been accused of helping to move at least $4 billion for Iran through an alleged sanctions-evasion operation. The operation, which also involved a network of over 2,000 illegal gambling websites, was reportedly controlled by Iran's central bank and linked to the Islamic Revolutionary Guard Corps (IRGC).
According to Reuters, Shelbit interacted directly with Iran's central bank, wallets linked to the IRGC, and Nobitex, Iran's largest cryptocurrency exchange, which was sanctioned by the US in June. The exchange processed at least $125 million connected to Iran's central bank and transferred at least $676 million to Binance since May 2024.
The online gambling network, promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari, displayed signs of wealth such as supercars, private jets, and yacht parties to millions of social media followers. However, the operation was likely used for money laundering and sanctions evasion, with Iran's central bank taking control of its largest online gambling sites years earlier.
Reuters could not independently determine whether the IRGC directly controlled Shelbit and the wider gambling network. The Dubai Virtual Assets Regulatory Authority is investigating Shelbit's alleged role in laundering money and helping Iran evade sanctions, having previously taken enforcement action against the company for operating without a license.