ChainCatcher reported that Dubai-based cryptocurrency exchange Shelbit has processed at least $4 billion in transactions since May 2024 and served as a hub linking Iranian gambling websites, Iran’s central bank, and entities tied to the Islamic Revolutionary Guard Corps. The report said at least $676 million moved from addresses associated with Shelbit to Binance, including about $540 million transferred after Dubai regulators fined the unlicensed exchange in January 2025. It also said the reporting could not independently determine who within the Iranian government controls Shelbit, nor whether the Islamic Revolutionary Guard Corps directly operates the broader network. The claims place Shelbit at the center of a cross-border compliance and sanctions-related scrutiny story involving transaction flows, exchange oversight, and alleged ties to Iranian entities.
According to ChainCatcher, Dubai-based cryptocurrency exchange Shelbit has processed at least $4 billion in transactions since May 2024 and acted as a hub linking Iranian gambling websites, Iran’s central bank, and entities associated with the Islamic Revolutionary Guard Corps.
The report said at least $676 million was transferred from addresses tied to Shelbit to Binance. Of that total, 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 controls Shelbit, and it could not determine whether the Islamic Revolutionary Guard Corps directly operates the broader network.
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