Dubai crypto exchange Shelbit moved $4 billion for Iran sanctions-evasion network, $676 million reached Binance

Jul 31, 2026

A Reuters investigation reveals that Shelbit, an unlicensed Dubai crypto exchange run by Siavash Kayvanpour, processed at least $4 billion since May 2024 for an Iranian sanctions-evasion network. The network connected a 2,000-site illegal gambling ring fronted by Sasha Sobhani and Pooyan Mokhtari with Iran's central bank and IRGC-linked entities. At least $676 million reached Binance, mostly after Dubai's VARA first ordered Shelbit to halt operations in January 2025. US authorities are now reviewing the findings.

Shelbit sanctions-evasion operation

▪Shelbit, an unlicensed Dubai-based cryptocurrency exchange run by Siavash Kayvanpour, processed at least $4 billion in digital assets since May 2024.
▪Blockchain investigators traced at least $125 million from Iran's central bank and $20 million from an Iranian bitcoin mining operation to Shelbit.
▪Shelbit-linked wallets interacted directly with Iran's central bank, Nobitex, and wallets linked by the Israeli government to the Islamic Revolutionary Guard Corps.

Iranian gambling network infrastructure

▪Sasha Sobhani and Pooyan Mokhtari promoted the illegal gambling network and were convicted alongside Siavash Kayvanpour in an Iranian court in 2023.
▪The illegal Farsi-language gambling network at the center of the Shelbit investigation spans more than 2,000 websites offering slots, blackjack, and roulette.

Binance transaction flows

▪Approximately $540 million of the Shelbit-linked funds reached Binance after Dubai's Virtual Assets Regulatory Authority first fined Shelbit in January 2025.
▪At least $676 million in cryptocurrency flowed from Shelbit-linked wallets to Binance since May 2024.
▪Binance stated that Shelbit never held an account on its platform and that Binance investigated, froze, and reported associated user accounts to law enforcement.

VARA enforcement timeline

▪Dubai's Virtual Assets Regulatory Authority issued a cease-and-desist order against Shelbit on January 2, 2025, for operating without a license.
▪Dubai's Virtual Assets Regulatory Authority issued a Notice of Fines and cease-and-desist order against Shelbit on July 24, 2026, citing money laundering and terrorism financing.

Blockchain investigation methodology

▪TRM Labs and two anonymous blockchain investigative firms traced Shelbit's transactions using heuristic clustering and transaction-timing analysis.

OFAC designation implications

▪The United States Treasury Department and the Office of Foreign Assets Control are reviewing the Reuters findings to target Iranian regime-linked digital assets.
▪Under the Office of Foreign Assets Control's strict-liability standard, compliant exchanges face potential civil penalties for processing transactions from designated addresses.