An unlicensed crypto exchange based in Dubai called Shelbit allegedly processed at least $4 billion in transactions linked to Iran’s Islamic Revolutionary Guard Corps, a network of 2,000 illegal gambling websites, and Persian-speaking influencers promoting the system. The Reuters investigation reveals that $125 million were traced directly from Iran’s central bank. The network funneled at least $676 million into global platforms, including $540 million to Binance, after the exchange had already received a fine from Dubai’s VARA regulator. Dubai’s regulator ordered Shelbit to cease its unlicensed activities on July 24, 2026, and the US Treasury’s Office of Foreign Assets Control is currently reviewing the allegations.
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