Shelbit processed $250M for illegal Iranian gambling network, Reuters investigation finds

A crypto exchange nobody has heard of just became one of the most consequential names in sanctions enforcement. Shelbit, an unlicensed Dubai-based trading platform operated by Iranian expatriate Siavash Kayvanpour, has processed at least $4 billion since May 2024, according to a Reuters investigation published July 31, 2026. Buried inside that figure: $250 million funneled specifically through illegal gambling sites. How the network worked Shelbit sits at the center of what Reuters describes as one of the world’s largest illegal gambling operations, a network spanning more than 2,000 platforms. Those gambling sites are identified as a primary customer of Shelbit, using the exchange to process and move funds. According to the investigation, flows from Shelbit reached major cryptocurrency platforms including Binance. Binance responded directly, saying Shelbit never held an account with them, and that the company has taken steps to freeze associated accounts. The U.S. Treasury confirmed it is reviewing the allegations. Shelbit’s network is alleged to connect to Iran’s sanctioned Central Bank and to wallets associated with the Islamic Revolutionary Guard Corps. Direct IRGC ties remain ...