According to Reuters<\/a><\/strong>, a substantial portion of these funds flowed through a network of over 2,000 online betting platforms, described as one of the world\u2019s largest illegal gambling ecosystems.<\/p>\n\n\n\nInvestigators allege that the Islamic Revolutionary Guard Corps (IRGC) has seized control of much of this market in recent years, utilizing it for cross-border capital transfers.<\/p>\n\n\n\n
Key figures linked to the network include influencers Sasha Sobhani, currently living in Madrid, and Hong Kong-based Pooyan Mokhtari. Alongside Shelbit founder Siavash Kaivanpour, they were convicted in absentia in Iran in 2023 on charges related to illegal gambling.<\/p>\n\n\n\n
Links to Sanctioned Iranian Institutions<\/h2>\n\n\n\n Blockchain analysis cited by Reuters shows that addresses associated with Shelbit interacted directly with the Central Bank of Iran, processing at least $125 million linked to the institution.<\/p>\n\n\n\n
Furthermore, the platform exchanged funds with Nobitex, a sanctioned Iranian crypto exchange, and digital wallets that Israeli authorities have connected to the IRGC.<\/p>\n\n\n\n
The data also suggests that some funds originated from state-sponsored Bitcoin mining operations in Iran, which were used to create and subsequently transfer newly minted digital assets.<\/p>\n\n\n\n
Binance Processed Hundreds of Millions<\/h2>\n\n\n\n Reuters reports that since May 2024, at least $676 million moved from Shelbit-linked addresses to Binance. Approximately $540 million of those funds were transferred after Dubai regulators had already sanctioned Shelbit for operating without a license.<\/p>\n\n\n\n
Binance told Reuters that Shelbit never held an account on its platform and noted that, at the time of processing, the related transactions were not flagged as high-risk by independent blockchain analysis systems.<\/p>\n\n\n\n
While the exchange did not dispute processing funds tied to the investigation, it stated that it eventually identified the associated users, froze their accounts, and notified law enforcement agencies.<\/p>\n\n\n\n
Dubai Regulator Launches Investigation<\/h2>\n\n\n\n Dubai\u2019s Virtual Assets Regulatory Authority (VARA) has initiated a formal investigation into Shelbit. On July 24, the regulator issued an immediate cease-and-desist order, citing severe violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.<\/p>\n\n\n\n
According to Reuters, the company\u2019s registered office is located in a Dubai hotel, where staff on-site claimed to have no information regarding the firm\u2019s business activities.<\/p>\n\n\n\n
This investigation brings the role of cryptocurrency infrastructure in enforcing international sanctions back into sharp focus. It highlights the mounting pressure on exchanges and regulators to tighten oversight of cross-border digital asset flows.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Reuters probe reveals how the Shelbit network moved billions via crypto and illegal gambling to bypass Iranian sanctions, involving Binance and the IRGC.<\/p>\n","protected":false},"author":104,"featured_media":192418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[426,72,424],"coin_category":[],"class_list":["post-192419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-binance","tag-bitcoin","tag-crypto"],"acf":[],"yoast_head":"\n
Shelbit Network Exposed: $4 Billion Crypto Sanctions Dodge - CryptoDnes EN<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n