Dubai office channels billions in crypto for Iranian sanctions evasion

21 min read

Shelbit, an unlicensed crypto exchange operating from a Dubai office, has moved at least $4 billion in digital assets tied to a Farsi-language gambling network and to sanctioned Iranian entities since May 2024, according to blockchain investigators and Reuters. Tens of millions from the gambling sites trace to Shelbit, which also received funds from Iran's central bank and suspected bitcoin mining operations. At least $676 million flowed from Shelbit to Binance. Dubai's VARA has ordered Shelbit to cease unlicensed virtual asset activities and launched enforcement, increasing scrutiny of crypto channels used to evade sanctions.

Shelbit processed at least $4 billion in crypto linked to Iran.