Shelbit Sanctions-Evasion Network Exposed: Ties to Iran and Global Crypto Markets
A recent investigation by Reuters has uncovered a complex sanctions-evasion network connecting Tehran's financial system to Shelbit, a Dubai-based and unregulated crypto exchange. The network processed over $4 billion in digital assets from May 2024 onward, serving as a conduit between Iranian state-associated entities, illegal gambling operations, and global crypto markets.
The operation's core is a massive Farsi-language gambling network comprising over 2,000 websites, led by Sasha Sobhani and Pooyan Mokhtari. Despite their previous convictions for illegal gambling in Iran in 2023, these activities continued unabated, with Shelbit routing at least $250 million associated with this gambling activity.
Blockchain analysis from the Reuters investigation revealed that around $676 million transited from wallets connected to Shelbit to Binance during the scrutiny period. While Binance confirmed no direct account with Shelbit, they conducted internal investigations and froze suspicious activity as necessary.