Dubai Exchange Shelbit Exposed as Conduit for $4 Billion Iran Sanctions Evasion
A London investigation has uncovered a massive Iranian cryptocurrency operation that evaded sanctions and laundered billions of dollars through an unregistered Dubai-based exchange called Shelbit.
The exchange, led by an Iranian expatriate, was used to funnel millions in cryptocurrency from Iran's largest illegal gambling network to global markets. The network, which includes over 2,000 resources, is controlled by two prominent Iranian influencers with ties to the authorities and has access to Iran's online payment system.
The operation, totaling at least $4 billion, processed cryptocurrencies through Shelbit, with some of it going directly to Binance, one of the largest crypto exchanges. The investigation revealed that Shelbit interacted with the Central Bank of Iran, wallets tied to the Iranian Revolutionary Guard Corps (IRGC), and Nobitex, a sanctioned Iranian exchange.
The IRGC's role in this operation is seen as a significant expansion of its control over the country's economy, both in legitimate and illicit sectors. The network's ability to operate despite harsh sanctions highlights Iran's ingenuity in maintaining its economy through illicit means.