An unlicensed Dubai exchange processed at least $4 billion since May 2024, routing money for Iran's central bank and sanctioned entities through global crypto markets. Reuters investigation published Friday names Shelbit as the operation's hub, with roughly $676 million reaching Binance alone.
Shelbit operates from a Dubai office above a budget hotel. Its founder, Iranian expatriate Siavash Kayvanpour, runs no website and uses a watch trading company sign at the registered address as cover. The exchange gave Iran's central bank, illegal gambling networks and other blocked entities direct access to crypto, according to data from two investigative firms and researcher Rich Sanders.
Where the Money Flowed
The Central Bank of Iran moved at least $125 million through Shelbit, much of it directly. A suspected Iranian mining operation added another $20 million routed through intermediary wallets. Customers included a Farsi-language gambling network spanning more than 2,000 websites, one generating $130 million alone. Shelbit also connected with wallets Israel attributes to the Islamic Revolutionary Guard Corps and with Nobitex, the Iranian exchange Washington sanctioned in June.
About $540 million reached Binance after Dubai's Virtual Assets Regulatory Authority fined Shelbit in 2025 for unlicensed services. Researcher Sanders notified Binance of Shelbit's Iranian ties in October 2025. The flows continued after that warning.
Binance told Reuters that Shelbit never held an account and that an independent blockchain analytics firm didn't flag the flows as high risk. The exchange said it couldn't "reconcile" the sum moving after the fine. When users linked to Shelbit accessed the platform, Binance claimed its compliance program "investigated, froze the relevant accounts, and reported them to law enforcement."
This article is informational only and does not constitute financial advice or recommendations about any cryptocurrency or trading activity.
