Iran-linked exchange sent $676 million to Binance wallets in alleged sanctions-evasion operation: Reuters
Quick TakeDubai-based crypto exchange Shelbit processed at least $4 billion since May 2024 while serving as a hub connecting Iranian gambling sites, the countrys central bank and entities linked to the IRGC, Reuters reported.At least $676 million moved from Shelbit-linked addresses to Binance wallets, including roughly $540 million after Dubai regulators fined the unlicensed exchange in January 2025.Reuters could not independently establish who within the Iranian state controlled Shelbit or whether the IRGC directly operated the wider network. An unlicensed Dubai-based crypto exchange processed at least $4 billion while serving as a hub connecting an Iranian gambling network, the countrys central bank and entities linked to the Islamic Revolutionary Guard Corps (IRGC), Reuters reported Friday. Shelbit, run by Iranian expatriate Siavash Kayvanpour, handled the funds after apparently beginning operations in May 2024, according to blockchain data analyzed by two unnamed investigative firms and researcher Rich Sanders and shared with Reuters. Its customers included a network of more than 2,000 Farsi-language gambling websites promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari, Reuters reported. Tens of millions of dollars associated with the sites could be traced to Shelbit. The exchange also directly interacted with Irans central bank, wallets Israel has linked to the IRGC, and









