A network connecting Iranian gambling sites processed at least $4 billion through crypto, with hundreds of millions reaching Binance.<\/p>\n
At least $676 million in crypto flowed to Binance<\/a> from wallets linked to Shelbit, an unlicensed Dubai crypto exchange allegedly operating at the center of a sprawling Iranian sanctions-evasion network, according to a Reuters investigation<\/a> published on Friday, July 31.<\/p>\n About $540 million arrived after Dubai\u2019s crypto regulator fined Shelbit in 2025 for operating without a license, blockchain data reviewed by Reuters showed.<\/p>\n Shelbit has processed at least $4 billion since May 2024. Its customers allegedly include a Farsi-language gambling network spanning more than 2,000 websites. Its wallets also interacted with Iran<\/a>\u2019s central bank and other sanctioned<\/a> entities, per the report.<\/p>\n Read also: UK Investors File $200M Lawsuit Against Binance and Changpeng Zhao<\/a><\/p>\n Crypto investigators traced at least $125 million from Iran\u2019s central bank to Shelbit, much of it directly. Another $20 million allegedly came from an unnamed Iranian Bitcoin mining<\/a> entity through intermediary wallets.<\/p>\n Speaking with Reuters, Rich Sanders, a blockchain investigator focused on Iran, called Shelbit \u201can IRGC operation, and that\u2019s plain as day.\u201d The Islamic Revolutionary Guard Corps, Iran\u2019s powerful military force, has allegedly used online gambling to move money abroad.<\/p>\n Reuters couldn\u2019t determine, though, whether the IRGC directly controlled Shelbit or the gambling network.<\/p>\n Binance Says Its Compliance System Worked<\/p>\n Commenting on the findings, Binance told Reuters that Shelbit had never held an account on its platform and wasn\u2019t sanctioned, though it didn\u2019t dispute processing hundreds of millions of dollars for users associated with Shelbit.<\/p>\n Binance argued the transactions weren\u2019t classified as high risk by an unnamed independent blockchain analytics firm, adding further that its compliance team investigated linked users, froze relevant accounts and reported them to law enforcement.<\/p>\n Dubai\u2019s Virtual Assets Regulatory Authority, the emirate\u2019s crypto regulator, is investigating Shelbit\u2019s alleged role in sanctions evasion and money laundering. Earlier in July, the agency ordered<\/a> the exchange to stop all unlicensed crypto activity.<\/p>\n