Iran-Linked Shelbit Processed Billions Through Cryptocurrency Transfers Amid Sanctions Probe
A potentially massive sanctions evasion scheme linked to Iran has been uncovered in Dubai. The operation, which processed at least $4 billion through cryptocurrency transfers since May 2024, involved an unlicensed exchange called Shelbit and a network of Persian-language gambling websites.
The sites were promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari, who have been convicted in absentia for their role in the scheme. Shelbit's founder, Siavash Kayvanpour, received a three-month sentence for aiding and abetting.
Analysts found that Shelbit interacted with the Central Bank of Iran, Nobitex, and wallets linked to the Islamic Revolutionary Guard Corps. At least $125 million in cryptocurrency was transferred from the Central Bank of Iran directly or through intermediary wallets.
Binance confirmed that it processed hundreds of millions of dollars linked to Shelbit but claimed these transactions were not considered high-risk. Dubai's virtual assets regulator, VARA, is investigating Shelbit for money laundering and sanctions evasion.