Dubai Crypto Exchange Shelbit Exposed as Hub for $4 Billion Iran Sanctions Evasion Network
A $4 billion Iranian sanctions evasion network has been exposed by Reuters, with a Dubai-based cryptocurrency exchange called Shelbit at its center. The exchange allegedly linked an offshore illegal gambling operation to Iranian bitcoin mining and the Central Bank of Iran to global crypto markets.
The investigation found that Shelbit processed billions in digital assets despite having no functional public website. Its 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. Both men were convicted in absentia by an Iranian court in 2023 alongside Shelbit founder Siavash Kayvanpour in an illegal gambling case.
Hundreds of millions of dollars were routed to Binance, with at least $676 million transferred since May 2024. However, Binance stated that Shelbit never held a direct account and that transfers were not flagged as high-risk by third-party analytics.