Shelbit Exposed: Dubai-Based Exchange Tied to $4B Iran Crypto Operation

A multi-billion dollar cryptocurrency operation linked to Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC) has been exposed through Dubai-based exchange Shelbit.

The investigation, led by Reuters, found that Shelbit processed at least $4 billion in cryptocurrency since May 2024, while serving clients linked to Iran's central bank and operating through global crypto markets.

Shelbit operated without a license from an office in Dubai's Deira district, according to the report. Blockchain records reviewed by Reuters showed that the exchange handled billions of dollars in digital assets over the past year.

The transactions involved Iran's central bank, other sanctioned entities, and a large Farsi-language betting network that used cryptocurrency to move funds across borders.