Dubai-based crypto exchange tied to $4 billion Iran sanctioned-evasion network
Shelbit allegedly sent hundreds of millions of dollars to major crypto exchanges, including Binance, as it linked gambling sites and sanctioned Iranian entities to global crypto markets.
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Summary
- A vast Dubai-based illegal gambling network is allegedly channeling millions of dollars in cryptocurrency through Shelbit, an unlicensed exchange at the center of a $4 billion Iranian sanctions-evasion scheme, according to Reuters.
- Shelbit, run by Iranian expatriate Siavash Kayvanpour, has allegedly moved hundreds of millions of dollars through major crypto platforms and provided access to global markets for Iran’s central bank and other sanctioned entities.
- U.S. and independent investigators say the operation appears closely tied to Iran’s Islamic Revolutionary Guard Corps, even as Reuters reports it could not confirm direct IRGC control over Shelbit or the gambling network.
