Odaily reported that Dubai-based crypto exchange Shelbit has processed at least $4 billion in transactions since May 2024 and allegedly served as a hub connecting Iranian gambling websites, Iran’s central bank, and entities linked to the Islamic Revolutionary Guard Corps. The report said at least $676 million was transferred from addresses associated with Shelbit to Binance. Of that total, roughly $540 million moved after Dubai regulators fined the unlicensed exchange in January 2025. The report also noted key unknowns remain: it could not independently determine who within the Iranian government controlled Shelbit, nor whether the Islamic Revolutionary Guard Corps directly operated the broader network.
Odaily reported that Dubai-based cryptocurrency exchange Shelbit has handled at least $4 billion in transactions since May 2024 and allegedly acted as a hub linking Iranian gambling websites, Iran’s central bank, and entities tied to the Islamic Revolutionary Guard Corps.
According to the report, at least $676 million was transferred from addresses associated with Shelbit to Binance. That figure includes about $540 million moved after Dubai regulators fined the unlicensed exchange in January 2025.
The report added that it could not independently determine who within the Iranian government controlled Shelbit. It also said it was unable to establish whether the Islamic Revolutionary Guard Corps directly operated the wider network.
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