Shelbit Accused of Facilitating Iran Sanctions Evasion via Illegal Gambling Network

A Reuters investigation has implicated Dubai-based cryptocurrency exchange Shelbit in helping to evade sanctions on Iran through its ties to an illegal gambling network. According to the report, Shelbit served as a core financial conduit for the vast network, which spans over 2,000 platforms.

On-chain analysis revealed that Shelbit transferred hundreds of millions of dollars to major exchanges, including Binance. However, Binance denied that Shelbit holds an account on its platform and stated that any related accounts were frozen and reported to law enforcement agencies.

The allegations underscore the persistent challenges cryptocurrency exchanges face in policing illicit activity while maintaining user privacy. The case highlights how decentralized finance can be exploited for sanctions evasion, prompting regulators worldwide to scrutinize cross-border digital asset flows more closely.