A Reuters investigation reveals that an illegal gambling network moved at least $4 billion in cryptocurrency through a Dubai office since May 2024. The unlicensed exchange Shelbit, operated by Iranian Siavash Kayvanpour, served as an intermediary for over 2,000 illegal gambling websites targeting Iranian users. Approximately $676 million was traced from Shelbit to Binance, the world’s largest crypto exchange by volume. Investigators also found links between this network and Iran’s central bank as well as the Islamic Revolutionary Guard Corps (IRGC), designated as a foreign terrorist organization by the United States. Dubai’s Virtual Assets Regulatory Authority (VARA) ordered Shelbit to cease operations on July 24, 2026.
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