Iran-linked Shelbit sent $676 million to Binance in alleged sanctions-evasion scheme
Dubai-based crypto exchange Shelbit processed at least $4 billion since May 2024 while serving as a hub connecting Iranian gambling sites, the country's central bank, and entities linked to the Islamic Revolutionary Guard Corps (IRGC).
According to Reuters, at least $676 million was transferred from wallets linked to Shelbit to Binance addresses. Of that amount, roughly $540 million moved after Dubai's regulator fined the exchange in January 2025 for operating without a license.
Reuters said it could not independently determine who within the Iranian government controlled Shelbit or the broader network, or whether the IRGC directly oversaw the exchange's operations.
Direct links to Iran
According to the investigation, Shelbit was founded by Siavash Kayvanpour, an Iranian expatriate based in Dubai.
Blockchain analysis conducted by investigative firms and researcher Rich Sanders found that the platform processed funds from a network of more than 2,000 Persian-language gambling websites.
Researchers also identified direct transactions between Shelbit, the Central Bank of Iran, and wallets that Israeli authorities have linked to the IRGC. In addition, the exchange interacted with Nobitex, Iran's largest cryptocurrency exchange.
According to the researchers, at least $125 million from Iran's central bank flowed through Shelbit. Another $20 million allegedly originated from an Iranian cryptocurrency mining operation.
Binance rejects allegations
According to the report, Sanders informed Binance about Shelbit's alleged ties to Iran in October 2025.
A Binance spokesperson said the company had seen no evidence supporting those claims and disputed the allegation that $540 million moved through Binance after Shelbit was fined by Dubai's Virtual Assets Regulatory Authority (VARA).
Binance also said Shelbit itself did not maintain an account on the platform. Instead, individual users associated with the exchange underwent compliance checks, while suspicious accounts were frozen and referred to law enforcement authorities.
Meanwhile, both Dubai's VARA and the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) are investigating Shelbit. OFAC said it takes the findings outlined in the investigation "very seriously."
The investigation follows a series of allegations involving crypto platforms linked to Iran.
In June, analysts at TRM Labs said CoinEx processed more than $3.84 billion in transactions tied to sanctioned Iranian entities between 2019 and 2026. According to the researchers, the exchange may have served as one of the country's primary channels for moving digital assets abroad.
Earlier, the U.S. Treasury Department imposed sanctions on Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, alleging they were part of an IRGC-linked maritime insurance network.
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