An investigation reveals that unlicensed Dubai crypto exchange Shelbit processed over $4 billion since May 2024 for sanctioned Iranian entities. The funds, linked to a massive illegal gambling network and Iran's central bank, flowed to major exchanges like Binance. While researchers allege ties to the IRGC, Dubai's regulator has fined Shelbit and ordered it to cease operations.
Shelbit exchange operations
- ▪Unlicensed Dubai-based crypto exchange Shelbit processed at least $4 billion for Iranian entities since May 2024
- ▪Shelbit was run by an Iranian expatriate named Siavash Kayvanpour and operated openly from an office in Dubai
Iranian gambling network
- ▪Shelbit's largest customer was a Farsi-language online gambling network consisting of over 2,000 websites
- ▪A senior analyst at TRM Labs described the operation as "by far the biggest Iranian illegal gambling network ever discovered."
- ▪The gambling network has access to Iran's central-bank-supervised payment system, despite gambling being illegal in the country
Transaction flows to Binance
- ▪At least $676 million from Shelbit-related wallets was sent to Binance, the world's largest crypto exchange
- ▪Binance stated that Shelbit did not have an account on its platform but confirmed it froze accounts of associated users and referred them to law enforcement
Iran central bank funding
- ▪Approximately $125 million was transferred to Shelbit from Iran's central bank, which has been under US sanctions since 2019
- ▪An additional $20 million came from what two investigative firms described as an Iranian bitcoin-mining operation
IRGC connection allegations
- ▪Independent blockchain researcher Rich Sanders stated the operation was clearly linked to the Islamic Revolutionary Guard Corps (IRGC)
- ▪Reuters could not independently confirm that the IRGC directly controlled Shelbit or the gambling network
- ▪Shelbit's wallets interacted with Nobitex, a US-sanctioned Iranian exchange, and with wallets linked by the Israeli government to the IRGC
Regulatory enforcement actions
- ▪Shelbit's operator, Siavash Kayvanpour, and two associated influencers were convicted in Iran in a 2023 illegal-gambling case
- ▪Dubai's Virtual Assets Regulatory Authority (VARA) fined Shelbit in 2025 for operating without a license and ordered it to halt activity in July
Story comments
Loading comments…