Unlicensed exchange Shelbit allegedly facilitated $4 billion in transactions for sanctioned Iranian entities and a Dubai gambling network.
A Dubai-based cryptocurrency exchange, Shelbit, is at the center of a $4 billion sanctions-evasion network tied to Iran. The unlicensed platform allegedly processed hundreds of millions of dollars for sanctioned entities, including Iran’s central bank and a major illegal gambling operation.
Shelbit, operated by Iranian expatriate Siavash Kayvanpour, reportedly funneled funds through major crypto exchanges like Binance. Investigators suggest links to Iran’s Islamic Revolutionary Guard Corps, though direct control remains unconfirmed.
The scheme highlights growing risks of crypto-enabled sanctions evasion, with over 2,000 illegal gambling platforms implicated in the operation.