Iranian Gambling Network Transfers $4 Billion through Unlicensed Dubai Exchange
A Reuters investigation uncovered a complex web of transactions involving an Iranian gambling network and the unlicensed cryptocurrency exchange Shelbit, based in Dubai. The network reportedly managed funds for sanctioned Iranian institutions and interacted with the central bank of Iran and the Nobitex exchange.
Blockchain data analysis revealed that Shelbit processed money for over 2,000 gambling sites in Persian, with at least $4 billion transferred through the platform. Additionally, Shelbit managed funds related to a bitcoin mining operation and was associated with Iranian influencers.
The Dubai Virtual Assets Regulatory Authority took action against Shelbit for operating without a license, and the exchange no longer has a functional website. At least $676 million were transferred to Binance, the largest cryptocurrency exchange in the world.