Dubai Exchange in Centre of $4B Iranian Sanctions Evasion Operation

A massive Iranian sanctions evasion operation has been uncovered in Dubai, with millions of dollars in cryptocurrency being funneled through an unlicensed exchange called Shelbit. The exchange, run by expatriate Iranian Siavash Kayvanpour, processed at least $130 million for a single gambling site since May 2024.

The operation is linked to Iran's central bank and the Islamic Revolutionary Guard Corps, with at least $125 million being directly funneled from the central bank through Shelbit. The exchange also received at least $20 million from an Iranian bitcoin mining operation via intermediary wallets.

Binance reported that Shelbit never held an account there and that the flows were not deemed high risk by an independent analytics firm. Dubai's regulator VARA ordered Shelbit to cease all unlicensed activities on July 24.