A Reuters investigation published July 31 reveals that Shelbit, an unlicensed cryptocurrency exchange based in Dubai, has processed at least $4 billion since May 2024, including $250 million flowing through illegal gambling sites. The exchange, operated by Iranian expatriate Siavash Kayvanpour, allegedly connects to Iran’s sanctioned Central Bank and wallets associated with the Islamic Revolutionary Guard Corps. Financial flows reportedly reached major platforms including Binance, which denies any business relationship with Shelbit. The U.S. Treasury has confirmed it is reviewing these allegations, a process that could lead to an OFAC designation.
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