Shelbit Exposed: Crypto Network Tied to Iran Sanctions Evasion

A cryptocurrency network allegedly helped Iran evade billions of dollars in international sanctions by moving funds through global financial markets, according to an investigation. The report found that at least $4 billion in cryptocurrency transactions passed through Dubai-based exchange Shelbit since May 2024.

The investigation, which analyzed blockchain data and transaction records, linked Shelbit to Iran's central bank, a large online gambling network, and other sanctioned entities. It also found that the exchange processed hundreds of millions of dollars tied to major crypto businesses.

Dubai regulators took action against Shelbit for operating without a license, and VARA is now investigating allegations of sanctions evasion, money laundering, and terrorism financing.