Dubai-based crypto exchange tied to $4 billion Iran sanctioned-evasion network
CoinDesk·
60-second summary
Dubai-based crypto exchange Shelbit is tied to a $4 billion Iran sanctioned-evasion network, allegedly sending hundreds of millions of dollars to major exchanges like Binance. This illicit activity linked Iranian entities to global crypto markets through gambling sites, blurring the lines between legitimate and illicit transactions, raising concerns about the industry's vulnerability to sanctions evasion and money laundering.
Shelbit allegedly sent hundreds of millions of dollars to major crypto exchanges, including Binance, as it linked gambling sites and sanctioned Iranian entities to global crypto markets.