Dubai’s Shelbit Crypto Exchange Linked to $4 B Iranian Sanctions‑Evasion Gambling Network
Shelbit, an unlicensed cryptocurrency exchange operating out of Dubai and run by Iranian expatriate Siavash Kayvanpour, processed at least $4 billion in crypto transactions for an Iran‑linked illegal online gambling network. The network, conducted in Persian, spanned more than 2,000 gambling websites and was connected to Iran’s central bank, the sanctioned exchange Nobitex, and digital wallets tied to the Islamic Revolutionary Guard Corps (IRGC).
Funds moved through Shelbit reached major exchanges, with at least $676 million transferred to Binance from May 2024 onward. Binance said it never held a Shelbit account, froze accounts linked to the exchange and reported the activity to law‑enforcement. Dubai’s Virtual Assets Regulatory Authority (VARA) ordered Shelbit to cease operations and imposed a fine on 24 July 2024 for operating without a licence and breaching anti‑money‑laundering rules. The U.S. Office of Foreign Assets Control (OFAC) is reviewing the case and has signalled possible measures against Iranian digital assets. Analysts described the scheme as the largest known crypto‑based sanctions‑busting and illegal‑gambling operation uncovered to date.
Entities: Binance · Dubai Virtual Assets Regulatory Authority (VARA) · Iran · Islamic Revolutionary Guard Corps (IRGC) · Shelbit · Shelbit General Trading L.L.C. · Siavash Kayvanpour
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 5 SOURCES] Binance stated it has no account for Shelbit but froze accounts linked to the exchange and reported the activity to law‑enforcement. (new)
- [● 6 SOURCES] Dubai’s Virtual Assets Regulatory Authority (VARA) ordered Shelbit to cease operations and imposed a fine on 24 July 2024. (new)
- [● 4 SOURCES] At least $676 million in crypto assets moved from Shelbit‑linked wallets to Binance since May 2024. (new)
- [● 6 SOURCES] The betting network involved more than 2,000 online gambling sites operating in Persian. (new)
- [● 4 SOURCES] The U.S. Office of Foreign Assets Control (OFAC) is reviewing the case and signalled possible measures against Iranian digital assets. (new)
- [● 4 SOURCES] Analysts described the operation as the largest known crypto‑based sanctions‑busting and illegal‑gambling network to date. (new)
- [● 6 SOURCES] Shelbit, a Dubai‑based unlicensed crypto exchange, facilitated at least $4 billion in cryptocurrency transactions for an Iran‑linked illegal gambling network. (new)
- [● 6 SOURCES] Shelbit is linked to Iran’s Central Bank, the sanctioned exchange Nobitex, and wallets associated with the Islamic Revolutionary Guard Corps (IRGC). (new)