A Reuters investigation uncovered Shelbit, an unlicensed Dubai-based crypto exchange that processed at least $4 billion in digital assets since May 2024, acting as a bridge between Iranian state-linked entities, illegal gambling operations, and global crypto markets. One of its biggest clients was an illegal Farsi-language gambling network spanning more than 2,000 websites, run by Sasha Sobhani and Pooyan Mokhtari, who were convicted in Iran in 2023 for illegal gambling. At least $250 million flowing through Shelbit was tied to those gambling sites, and approximately $676 million moved from Shelbit-linked wallets to Binance. Dubai’s Virtual Assets Regulatory Authority (VARA) issued a cease-and-desist order against Shelbit on July 24, 2026, citing money laundering and potential terrorism financing connected to the IRGC.
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