Dubai Regulator Probes Shelbit Over $4 Billion in Crypto Transactions Linked to Iran
A modest office above a budget hotel in Dubai's Deira district concealed a financial trail spanning gambling platforms, sanctioned entities, and hundreds of millions sent to Binance. Shelbit, an unlicensed cryptocurrency exchange registered in Dubai, may have become one of the key channels for circumventing Iranian sanctions.
At least $4 billion has passed through its crypto wallets since May 2024, with some funds linked to a large Persian-language network of illegal online casinos spanning more than 2,000 websites. The exchange is run by Iranian national Siavash Kayvanpour, who received three months in prison in 2023 for aiding and abetting the case involving illegal gambling operations.
The network was promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari, both of whom were convicted in absentia in Iran in 2023. The risks identified by the Dubai Virtual Assets Regulatory Authority (VARA) extend beyond consumer protection and concern more serious cross-border transactions capable of affecting the integrity of the UAE financial system.