An illegal gambling network from Iran transferred 4 billion dollars through the unlicensed cryptocurrency exchange Shelbit in Dubai.

A Reuters investigation revealed that an Iranian gambling network contributed to the transfer of at least 4 billion dollars through the unlicensed cryptocurrency exchange Shelbit, based in Dubai.

This network managed funds for sanctioned Iranian institutions and interacted with the central bank of Iran and the Nobitex exchange. Analyzing blockchain data, it was found that Shelbit processed money for a network of over 2,000 gambling sites in Persian. At least 676 million dollars were transferred to Binance, the largest cryptocurrency exchange in the world.

Additionally, Shelbit managed funds related to a bitcoin mining operation and was associated with Iranian influencers. The Dubai Virtual Assets Regulatory Authority took action against Shelbit for operating without a license, and the exchange no longer has a functional website. The founder of Shelbit and Iranian authorities did not respond to requests for comments.