Dubai Crypto Exchange Tied to $4 Billion Iranian Sanctions-Evasion Network

A major Dubai-based cryptocurrency exchange, Shelbit, is at the center of a $4 billion Iranian sanctions-evasion operation.

The exchange, run by Iranian expatriate Siavash Kayvanpour, has been accused of facilitating transactions for Iran's central bank and other sanctioned entities through its access to global crypto markets.

Shelbit has moved hundreds of millions of dollars to prominent crypto companies, including Binance, the world's largest exchange. However, Binance claims that Shelbit had never held an account on their platform and that transactions linked to Shelbit were not considered high risk.

The operation is also tied to a $4 billion Iranian sanctions-evasion network based in Dubai, which involves a major illegal gambling network with over 2,000 platforms. The Central Bank of Iran has been sanctioned under U.S. counterterrorism authorities since 2019 for its support for the Islamic Revolutionary Guard Corps (IRGC).