Iran-Linked Shelbit Sent $676M to Binance, Much After Dubai Fine

A Dubai-based cryptocurrency platform with ties to Iranian interests sent $676 million in digital assets to Binance, with roughly $540 million of that occurring after Dubai regulators had fined it for operating without a license, according to blockchain analysts who shared data with investigators.

The platform, Shelbit, is unlicensed and run by Iranian expatriate Siavash Kayvanpour from an office in Dubai's Deira district. It processed at least $4 billion in cryptocurrency since May 2024, the analysts said. Wallets connected to Shelbit sent the bulk of the Binance transfers after Dubai's Virtual Assets Regulatory Authority fined the exchange in early 2025 for unauthorized activity.

Shelbit acted as a central link between more than 2,000 Farsi-language online gambling sites and entities subject to international sanctions, including Iran's central bank, investigators said. They traced at least $125 million flowing directly from the Central Bank of Iran to Shelbit addresses, along with about $20 million tied to Iranian bitcoin mining. The gambling operation was promoted by Iranian influencers and generated substantial volumes that moved through Shelbit into broader international crypto markets.

Binance said Shelbit itself never maintained a formal account on its platform. The exchange reviewed associated user accounts and froze those it deemed problematic, reporting them to relevant authorities. An independent analytics firm had not flagged the related transactions as high-risk at the time, Binance added.