A Dubai-based unlicensed crypto exchange named Shelbit has processed at least $4 billion for an extensive Iranian gambling network since May 2024. Despite lacking a public website, it has become a major conduit for illicit funds within just over a year.
Massive Gambling Network and Sanctions Evasion
Shelbit's operator, Iranian expatriate Siavash Kayvanpour, was convicted in Iran in 2023 for involvement in the country's illegal gambling scene. The exchange supports over 2,000 Farsi-language gambling sites, all operating despite Iran's ban on gambling. It isn’t just a rogue gaming hub; traces show money passing through Shelbit flows into state-controlled payment systems, implicating connections to the Islamic Revolutionary Guard Corps.
Two convicted influencers, Sasha Sobhani and Pooyan Mokhtari, are central figures in this gambling network, identified alongside Kayvanpour in the 2023 court ruling. Crypto analysts, including Rich Sanders, tracked hundreds of millions in cryptocurrency moving through this pipeline toward major exchanges such as Binance. Some transactions linked wallets associated with sanctioned Iranian entities like Nobitex.
Regulatory Clampdown Intensifies
Dubai’s Virtual Assets Regulatory Authority (VARA) took action on July 24, 2026, issuing fines and a cease-and-desist order against Shelbit General Trading L.L.C. for operating without a license and breaching Know Your Customer protocols. Meanwhile, the US Treasury Department and the Office of Foreign Assets Control are closely monitoring the investigation, signaling forthcoming efforts to curb these violations.
This article is intended for informational purposes and does not constitute financial advice.
