Dubai’s Shelbit, an unlicensed crypto exchange operated by Iranian expatriate Siavash Kayvanpour, has been identified as a key conduit in a complex $4 billion network designed to dodge US sanctions on Iran. The operation moves vast sums of cryptocurrency, reportedly channeling funds from a massive illegal gambling network and Iran’s Central Bank through major crypto platforms worldwide.
The illegal gambling network, one of the largest globally with over 2,000 platforms, relies heavily on Shelbit to send millions in crypto to international markets. This network, along with sanctioned Iranian entities including the Central Bank which has faced US counterterrorism sanctions since 2019 for its ties to the Islamic Revolutionary Guard Corps (IRGC) uses Shelbit to access crypto liquidity otherwise blocked by sanctions.
Links to Major Exchanges and Sanctioned Groups
Hundreds of millions of dollars have reportedly passed through Shelbit into prominent crypto exchanges such as Binance. However, Binance stated it never hosted an account for Shelbit and did not classify related transactions as high risk. Despite this, US and independent investigators believe the network’s financial flows are closely connected to the IRGC, though direct control over Shelbit by the IRGC has not been confirmed.
The intricate setup highlights growing challenges in policing cryptocurrency’s role in geopolitical conflicts and economic sanctions. Shelbit’s central role in bypassing restrictions raises questions about compliance standards among crypto exchanges and the transparency of transactions involving sanctioned nations.
This information is provided for general awareness and does not constitute financial advice.
