Dubai Crypto Exchange Shelbit Processed $4B Through Iran-Linked Network, Reuters Finds

A Dubai-based cryptocurrency exchange operating without a license processed at least $4 billion in transactions since May 2024 through a network linked to Iranian online gambling operations, Iran’s central bank and sanctioned entities, according to a Reuters investigation 

The investigation found that the transaction network included wallets that Israeli authorities have associated with Iran’s Islamic Revolutionary Guard Corps (IRGC), alongside other sanctioned entities.

Separately, Dubai’s Virtual Assets Regulatory Authority (VARA) said it fined Shelbit on July 24 for continuing to operate without a license despite a cease-and-desist order issued in January 2025. The regulator said its enforcement action involved potential violations related to anti-money laundering (AML) and terrorism financing.

Source: Reuters