Iranian Gamblers Use Crypto to Evade Sanctions, Moving Billions Through Global Markets

A recent investigation uncovered an alleged Iranian gambling network that used cryptocurrency to move billions of dollars through global financial markets, despite years of international sanctions.

The report found that at least $4 billion in cryptocurrency transactions were processed through Dubai-based exchange Shelbit, which allegedly linked sanctioned Iranian entities, illegal gambling operations, and international crypto markets. Investigators traced the transactions using blockchain data, cryptocurrency transaction records, cybersecurity research, and interviews with over 30 people.

The investigation alleged that Shelbit processed transactions tied to Iran's central bank, a large online gambling network, and other sanctioned entities. Dubai regulators took action against the exchange for operating without a license and are now investigating broader allegations of financial crime.