An unlicensed cryptocurrency exchange based in Dubai called Shelbit has allegedly processed at least $4 billion for an Iranian gambling network and sanctioned institutions since May 2024. The exchange is operated by Siavash Kayvanpour, an Iranian expatriate convicted in 2023 for his involvement in Iran’s illegal gambling industry. The network is connected to over 2,000 Farsi-language online gambling sites and reportedly has access to Iran’s central bank-controlled domestic payment systems, including operations linked to the Islamic Revolutionary Guard Corps. Crypto investigative firms traced hundreds of millions in cryptocurrency routed to major exchanges including Binance, with some funds associated with wallets linked to the IRGC and Nobitex, a sanctioned Iranian exchange. Dubai’s Virtual Assets Regulatory Authority (VARA) issued a cease-and-desist order and monetary fines against Shelbit General Trading L.L.C. in July 2026, while OFAC is reviewing the situation and signaling measures to target Iranian regime-linked digital assets.
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