Iranian Gambling Network Channels Billions Through Dubai Crypto Exchange

An illicit Iranian gambling network has been linked to the movement of at least $4 billion through an unlicensed Dubai-based cryptocurrency exchange, according to a Reuters investigation.

The exchange, Shelbit, processed money for a Farsi-language gambling network spanning over 2,000 websites, blockchain data showed. This network also interacted with Iran's central bank and other sanctioned Iranian institutions, including Nobitex, the country's largest cryptocurrency exchange.

Reuters found that tens of millions of dollars from the gambling network moved through Shelbit and ended up on Binance, the world's largest crypto exchange, since May 2024. At least $676 million was transferred to Binance-linked addresses during this period.