Shelbit Accused of Facilitating $4 Billion in Iran-Linked Transactions

The Dubai-based cryptocurrency exchange Shelbit has been accused of processing at least $4 billion in transactions since May 2024, allegedly as part of a sanctions-busting scheme linked to Iran.

According to Reuters, at least $676 million was transferred from wallets associated with Shelbit to Binance addresses. Of this amount, roughly $540 million moved after Dubai's Virtual Assets Regulatory Authority (VARA) fined the exchange in January 2025 for operating without a license.

The investigation found that Shelbit interacted with Nobitex, Iran's largest cryptocurrency exchange, and processed funds from over 2,000 Persian-language gambling websites. Researchers also identified direct transactions between Shelbit, the Central Bank of Iran, and wallets linked to the Islamic Revolutionary Guard Corps (IRGC).

Binance has disputed the allegations, stating that it had seen no evidence supporting claims of ties to Iran. The company also clarified that individual users associated with Shelbit underwent compliance checks, while suspicious accounts were frozen and referred to law enforcement authorities.