An illicit Iranian gambling network helped move at least $4 billion through an unlicensed Dubai-based cryptocurrency exchange that also handled funds for sanctioned Iranian institutions, a Reuters investigation found.
Blockchain data reviewed by Reuters showed the exchange, Shelbit, processed money for a Farsi-language gambling network spanning more than 2,000 websites. It also interacted with Iran's central bank, the sanctioned Iranian exchange Nobitex and wallets that Israel has linked to the Islamic Revolutionary Guard Corps.
Reuters traced tens of millions of dollars from the gambling network through Shelbit and found that at least $676 million moved from Shelbit-linked addresses to Binance, the world's largest crypto exchange, since May 2024.
Links to sanctioned entities
Shelbit processed at least $125 million connected to Iran's central bank and received funds from what blockchain investigators described as an Iranian bitcoin-mining operation, according to data reviewed by Reuters.
The exchange also handled money connected to gambling websites promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari. Both men denied knowledge of Shelbit or any involvement in sanctions evasion, money laundering or transactions on behalf of Iranian state institutions.
Reuters found that the IRGC took control of major gambling websites accessible inside Iran years ago and used them to move money abroad. The news agency could not establish whether the Guards directly controlled Shelbit or the wider gambling network, or determine where much of the money ultimately went.
Dubai regulator takes action
Dubai's Virtual Assets Regulatory Authority said it had previously taken enforcement action against Shelbit for operating without a license. On July 24, it ordered the exchange to halt all unlicensed activity, citing concerns over money laundering, terrorism financing and cross-border transactions.
Shelbit's registered office was listed above a budget hotel in Dubai, but people working at the address told Reuters they had never heard of the company. The exchange no longer has an operating website and there is no apparent way for members of the public to use it.
Binance said Shelbit had never held an account on its platform and that transactions associated with it were not initially judged to be high risk. It said relevant accounts were investigated, frozen and reported to law enforcement.
Shelbit founder Siavash Kayvanpour, the Iranian government and the IRGC did not respond to Reuters requests for comment.
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