Dubai Exchange Tied to $4 Billion Iranian Sanctions Evasion Network
A Dubai-based cryptocurrency exchange called Shelbit served as the central hub for an illicit $4 billion Iranian sanctions evasion network, according to a Reuters investigation. The network linked an offshore illegal gambling operation, Iranian bitcoin mining, and the Central Bank of Iran to global crypto markets.
Shelbit processed billions in digital assets despite having no functional public website and was registered alongside a watch trading business above a budget hotel in Dubai's Deira neighborhood. The exchange's primary volume was generated by a Farsi-language online gambling network of over 2,000 websites offering slots, blackjack, and roulette.
The network was fronted by two prominent Iranian social media influencers: Sasha Sobhani and Pooyan Mokhtari. Both men were convicted in absentia by an Iranian court in 2023 alongside Shelbit founder Siavash Kayvanpour in an illegal gambling case.
Blockchain records reviewed by Reuters showed that Shelbit transferred at least $676 million in cryptocurrency to Binance since May 2024, with roughly $540 million of those transfers occurring after Dubai's Virtual Assets Regulatory Authority (VARA) fined Shelbit for operating without a license.