Shelbit linked to $4B illicit Iranian gambling network, report finds

An unlicensed cryptocurrency exchange operating out of Dubai has processed at least $4 billion for an Iranian gambling network and sanctioned institutions, according to a Reuters investigation. The exchange, called Shelbit, doesn’t even have a public website. Yet it managed to move more money in roughly a year than most licensed platforms see in a decade. Shelbit is operated by Iranian expatriate Siavash Kayvanpour, who was convicted in an Iranian court in 2023 for his involvement in the country’s illegal gambling industry. The exchange has been active since May 2024, and in that time it has become what investigators describe as a crucial node in Iran’s sanctions evasion infrastructure. The gambling pipeline The network behind Shelbit is tied to more than 2,000 Farsi-language online gambling sites. In Iran, gambling is illegal. The gambling operation is fronted by two convicted influencers: Sasha Sobhani and Pooyan Mokhtari. Both were found guilty alongside Kayvanpour in the 2023 Iranian court case over their roles in the illegal gambling ecosystem. The gambling network reportedly has access to Iran’s central bank-controlled domestic payment systems. That means money flowing throug...