Dubai Crypto Exchange Shelbit Embroiled in $4B Iranian Sanctions Evasion Operation

The Dubai-based crypto exchange Shelbit has been found to be at the center of a $4 billion Iranian sanctions evasion operation, according to an investigation by Reuters.

Shelbit links a vast gambling network fronted by two globetrotting influencers to Iran's central bank and wallets linked to the Islamic Revolutionary Guard Corps (IRGC).

The exchange has processed billions of dollars through global crypto markets, including Binance, and has been sending hundreds of millions in cryptocurrency to the world's biggest exchange.

Authorities are investigating Shelbit for alleged sanctions evasion and money laundering, and the UAE Virtual Assets Regulatory Authority (VARA) has issued a notice ordering the exchange to cease all unlicensed activities.