Dubai Exchange Shelbit Accused of Helping Iran Evade Sanctions Through Cryptocurrency Transfers
A cryptocurrency exchange called Shelbit in Dubai may have helped Iran evade sanctions by facilitating billions of dollars in cryptocurrency transfers, according to an investigation.
The exchange, registered in Dubai and unlicensed, has seen at least $4 billion pass through its wallets since May 2024. This includes funds from a network of illegal Farsi-language gambling websites promoted through Iranian influencers Sasha Sobhani and Pouyan Mokhtari.
Blockchain analysts found that tens of millions of dollars from the gambling network's wallets could be traced to Shelbit, which also conducted transactions with the Central Bank of Iran, Nobitex, and wallets linked to the Islamic Revolutionary Guard Corps. Shelbit received at least $125 million directly from the Central Bank of Iran.
The Dubai regulator is investigating Shelbit for possible money laundering and sanctions evasion. Binance, a cryptocurrency exchange where some Shelbit addresses have transferred hundreds of millions of dollars, said it had frozen relevant accounts and notified law enforcement authorities.