Blockchain investigation links the unlicensed Dubai cryptocurrency exchange Shelbit to a network covering over 2000 Persian gambling websites. The investigation states that since May 2024, the platform has handled at least $4 billion in transactions, with some funds possibly continuing to flow to international exchanges.
Funds from gambling wallets transferred to exchanges
Investigators, combining on-chain records, analysis from two crypto forensics firms, and independent research, state that tens of millions of dollars in gambling site revenues enter wallets associated with Shelbit, then move to larger international platforms. Gambling is banned in Iran, and the domestic financial system is subject to international restrictions, making digital assets a key channel.
Related parties deny money laundering and sanction evasion
The network is promoted by Sasha Sobhani and Pooyan Mokhtari, who have a large social media following, and Shelbit founder Siavash Kayvanpour is also linked to the case. All three were convicted in Iran in 2023 for illegal gambling, but the two influencers deny involvement in money laundering or representing the government to evade sanctions.
Dubai regulatory authority orders business suspension
The Dubai Virtual Asset Regulatory Authority previously penalized the company for not obtaining the necessary licenses and on July 24 demanded an immediate cessation of all virtual asset activities. The regulator pointed out issues involving anti-money laundering and counter-terrorism financing requirements, indicating risks associated with unlicensed operations and financial control.
U.S. Treasury Department focuses on related allegations
The investigation also mentions possible financial connections between the Central Bank of Iran, wallets linked to the Iranian Revolutionary Guard by Israeli authorities, and Nobitex, which is under U.S. sanctions. The U.S. Treasury Department has acknowledged the report and takes the allegations seriously, but public investigation conclusions still require law enforcement confirmation.
Binance states it has no direct customer relationship
The report states that approximately $676 million linked to Shelbit wallets flowed to Binance. Binance responded that it has not established a direct account relationship with Shelbit and has reviewed related accounts, freezing them and reporting to law enforcement when necessary. On-chain transfer relationships do not automatically equate to business cooperation.
Operators need to penetrate payment links
The case shows that gambling platforms, influencers, payment intermediaries, and large exchanges may form multi-layered financial paths. Compliance teams should not only verify direct recipients but also continuously analyze ultimate beneficiaries, wallet clustering, sanction lists, unusual transactions, and promotional channels.
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