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Dubai Crypto Exchange Shelbit Linked to $4B Iranian Gambling Network

Guavy AI Editorial Team
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A Dubai-based cryptocurrency exchange called Shelbit has been linked to an Iranian gambling and sanctions-evasion network that processed at least $4 billion in transactions since May 2024.

The exchange connected over 2,000 Farsi-language gambling sites with global crypto markets, including Iran's central bank, sanctioned entities, bitcoin miners, and Binance-linked addresses.

Dubai's Virtual Assets Regulatory Authority (VARA) has ordered Shelbit to halt all unlicensed activity due to concerns about money laundering and terrorism financing.

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