Reuters Says Shelbit Processed at Least $4 Billion While Allegedly Linking Iranian Gambling Flows to Sanctioned Entities

A Reuters investigation says an unlicensed Dubai crypto exchange, Shelbit, processed at least $4 billion from May 2024 onward and was tied to a Farsi-language gambling network spanning more than 2,000 websites. For high-risk PSPs, the point is straightforward: when gambling, crypto, and sanctions touch the same flow, the compliance problem stops being theoretical very quickly.

1. Reuters says blockchain data reviewed with two cryptocurrency investigation firms and independent researcher Rich Sanders links Shelbit to a gambling operation spread across more than 2,000 websites. The operation was allegedly promoted by Iranian social media personalities Sasha Sobhani and Pooyan Mokhtari, both said to have millions of followers online.
2. The report says Shelbit, located in Dubai, processed a minimum of $4 billion starting in May 2024. Investigators claim tens of millions of dollars generated through the gambling sites moved into Shelbit before reaching major cryptocurrency platforms.
3. Reuters also reports that Shelbit had financial connections with Iran’s central bank and with wallets linked by Israeli authorities to the Islamic Revolutionary Guard Corps, as well as via Nobitex, an Iranian cryptocurrency exchange sanctioned by the United States earlier this year. Reuters says Siavash Kayvanpour, Shelbit’s founder, and the two influencers were convicted in Iran in 2023 in connection with an illegal gambling case.
4. Dubai’s Virtual Assets Regulatory Authority confirmed it had previously penalized Shelbit for operating without a license. On July 24, the regulator ordered the company to immediately stop all virtual asset activities, citing anti-money laundering and counterterrorism financing violations.
5. Binance, which Reuters identified as one of the exchanges that received around $676 million from Shelbit-connected wallets, said it had no direct account relationship with Shelbit itself. Binance added that when related accounts were identified, they were investigated, frozen where appropriate, and reported to law enforcement authorities.

The US Treasury Department told Reuters it is aware of the allegations and is treating them seriously. For anyone screening gambling or crypto exposure, this is the familiar bad triangle: offshore licensing gaps, sanctions risk, and payment flows that look clean only until you actually trace the wallets.