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Dubai crypto exchange Shelbit at center of alleged $4B Iran scheme
The report says Shelbit has helped more than 2,000 Dubai gambling platforms access global crypto markets, moving hundreds of millions of dollars through major exchanges including Binance.
CoinDesk, citing Reuters, reports that a Dubai-based illegal gambling network is allegedly moving millions of dollars in cryptocurrency through Shelbit, an unlicensed exchange tied to a broader $4 billion Iranian sanctions-evasion scheme.
According to the report, Shelbit, run by Iranian expatriate Siavash Kayvanpour, has allegedly provided sanctioned Iranian entities, including Iran’s central bank, access to global crypto markets, and has processed hundreds of millions of dollars via major crypto platforms.
The Central Bank of Iran has been sanctioned by the United States under counterterrorism authorities since 2019 over support for the Islamic Revolutionary Guard Corps, its Quds Force, and Hezbollah, Reuters said.
Binance said Shelbit had never held an account on its platform and that Shelbit-linked transactions were not considered high risk, while the exchange said it investigated associated users, froze relevant accounts, and reported them to law enforcement.