Dubai Crypto Exchange Shelbit Tied to $4 Billion Iranian Sanctions Evasion Scheme

A little-known Dubai-based cryptocurrency exchange called Shelbit has been linked to a massive Iranian sanctions-evasion scheme, according to investigators. Since May 2024, at least $4 billion in crypto transactions have passed through Shelbit's wallets, including funds from illegal Persian-language gambling websites and the Central Bank of Iran.

The exchange does not hold a license to operate with virtual assets, and its registered address is above a budget hotel in Dubai's Deira district. Its founder, Siavash Kayvanpour, was convicted in Iran in 2023 for his involvement in illegal gambling operations alongside Sasha Sobhani and Pooyan Mokhtari.

Analysts from two companies that investigate cryptocurrency transactions found that tens of millions of dollars in crypto from the gambling network could be traced to Shelbit. The exchange interacted with crypto wallets linked to the Central Bank of Iran, the Nobitex exchange, and addresses associated with the Islamic Revolutionary Guard Corps.