Dubai Exchange Linked to $4 Billion Iran Crypto Flows Faces Money Laundering Probe

A sprawling financial network linked to Shelbit, a Dubai-registered cryptocurrency exchange, has been discovered in the UAE. Researches found that at least $4 billion in cryptocurrency flowed through Shelbit since May 2024.

The exchange's office is located above a budget hotel in Deira district and was founded by Iranian national Siavash Keyvanpour. One of its main clients was a Persian-language network of over 2,000 gambling websites promoted by bloggers Sasha Sobhani and Pouyan Mokhtari.

Despite regulatory warnings and regional attacks, the network's transactions continued unabated. Experts traced tens of millions of dollars in cryptocurrency flowing from the gambling network to Shelbit, with one affiliated website alone transferring at least $130 million through the platform since May 2024.

Dubai's Virtual Assets Regulatory Authority (VARA) is investigating Shelbit's possible role in money laundering and sanctions evasion. The regulator confirmed that it took action against Shelbit for operating without a license in 2025, accusing the exchange of violating anti-money-laundering and counter-terrorist-financing laws.