A Dubai-based cryptocurrency platform with ties to Iranian interests has been reported to have transferred substantial digital assets to Binance, raising questions about potential efforts to circumvent international financial restrictions.
According to a detailed investigation, the unlicensed exchange known as Shelbit, operated by Iranian expatriate Siavash Kayvanpour from an office above a budget hotel in Dubai’s Deira district, processed at least $4 billion in cryptocurrency since May 2024.
Blockchain analysis shared with investigators indicated that wallets connected to Shelbit sent approximately $676 million to the world’s largest crypto exchange, Binance.
A significant portion of those transfers—around $540 million—occurred after Dubai’s Virtual Assets Regulatory Authority (VARA) had already fined the platform in early 2025 for operating without authorization.
Shelbit reportedly functioned as a central node linking a large network of Farsi-language online gambling sites—numbering more than 2,000 platforms—with Iran’s central bank and other entities subject to sanctions.
Investigators traced at least $125 million flowing from the Central Bank of Iran to Shelbit addresses, much of it directly, along with roughly $20 million linked to what appeared to be Iranian bitcoin mining activity.
The gambling operation, promoted by Iranian influencers, generated substantial volumes that moved through the Dubai platform into broader international crypto markets.
Binance responded that Shelbit itself never maintained a formal account on its platform.
The exchange stated that associated user accounts were reviewed, frozen where appropriate, and reported to relevant authorities.
It further noted that an independent analytics firm had not flagged the related transactions as high-risk at the time.
Dubai regulators later issued a cease-and-desist order citing unlicensed activity and concerns related to anti-money-laundering and potential terrorism-financing rules.
The case highlights ongoing challenges in monitoring cryptocurrency flows that can obscure the origins and destinations of funds.
Iran has faced extensive international sanctions targeting its economy and entities linked to the Islamic Revolutionary Guard Corps.
Public blockchain ledgers allow analysts to reconstruct transaction patterns that traditional banking systems might more readily intercept, yet intermediaries operating in less-regulated environments can still facilitate movement of value across borders.
Researchers examining the data described Shelbit as a key bridge enabling Iranian-linked wallets to access global liquidity.
One independent investigator characterized the network’s connections as evident, though the primary reporting outlet noted it could not independently confirm direct operational control by specific state or military entities over the exchange or the gambling sites.
Parties connected to the operation, including the platform’s operator and the influencers involved, have denied any role in sanctions circumvention.
This episode adds to a series of reports examining how digital assets have been used in efforts to navigate financial restrictions.
Major platforms continue to face pressure to strengthen compliance systems, while regulators in multiple jurisdictions seek to close gaps that allow unlicensed operators to intermediate large volumes.
The scale of the reported activity—billions processed through a relatively obscure Dubai entity—underscores the persistent difficulties of enforcing sanctions in a decentralized financial landscape.
As authorities review the findings, the episode serves as a reminder of the dual nature of cryptocurrency: transparent on-chain records that enable forensic tracing, paired with the practical hurdles of identifying beneficial owners and enforcing rules across borders in real time.
