- Shelbit crypto exchange processed at least $4 billion since May 2024.
- Dubai regulator ordered Shelbit to stop unlicensed operations.
- $676 million moved from Shelbit-linked addresses to Binance.
Shelbit crypto exchange processed at least $4 billion while allegedly connecting Iranian gambling networks, state-linked entities, and cryptocurrency platforms, according to a Reuters investigation published Friday. Blockchain data reviewed by researchers revealed that the Dubai-based platform facilitated transactions involving over 2,000 Farsi-language gambling websites.
Shelbit reportedly began operations in May 2024 under Iranian expatriate Siavash Kayvanpour. The investigation found links between the platform, Iran’s central bank, Nobitex, and wallets that Israel has linked to the Islamic Revolutionary Guard Corps (IRGC).
Shelbit Crypto Exchange Connected to Multiple Networks
The Shelbit crypto exchange reportedly processed tens of millions of dollars connected to online gambling websites promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari. Both individuals denied knowledge of Shelbit or any involvement in sanctions-related activity.
Shelbit handled at least $125 million associated with Iran’s central bank. Investigators also identified about $20 million linked to a suspected Iranian Bitcoin mining operation.
Reuters reported that it could not independently verify whether the IRGC directly controlled Shelbit or the gambling network. The investigation also did not determine the final destination of much of the cryptocurrency involved.
Meanwhile, Dubai’s Virtual Assets Regulatory Authority (VARA) took enforcement action against the platform. The regulator issued a notice on July 24, ordering Shelbit to cease unlicensed activity.
Shelbit Crypto Exchange Funds Moved Through Binance
The Shelbit crypto exchange investigation also highlighted transactions involving Binance. Reuters reported that at least $676 million moved from Shelbit-linked addresses to Binance after May 2024.
Around $540 million of those transfers occurred after VARA fined Shelbit in January 2025 for operating without a license. Binance said Shelbit never held an account on its platform.
The exchange stated that accounts linked to Shelbit users were investigated, frozen, and reported to law enforcement when necessary.
The case follows previous regulatory actions involving cryptocurrency platforms connected to Iran. Binance previously pleaded guilty in 2023 to anti-money laundering and sanctions violations and agreed to pay a $4.3 billion penalty.
VARA said the alleged exposure extended beyond consumer protection concerns and involved potential cross-border financial risks. The regulator is investigating Shelbit’s alleged involvement in money laundering and sanctions evasion.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
