Analysis: The exchange Shelbit, associated with Iran, is suspected of evading sanctions, with $676 million transferred to Binance

According to The Block, the Dubai-based cryptocurrency exchange Shelbit has processed at least $4 billion in transactions since May 2024 and serves as a hub connecting Iranian gambling websites, the Central Bank of Iran, and entities related to the Iranian Islamic Revolutionary Guard Corps.

At least $676 million has been transferred from addresses associated with Shelbit to Binance, including approximately $540 million that was transferred after Dubai regulators fined the unlicensed exchange in January 2025. The report could not independently determine who controls Shelbit within the Iranian government, nor could it ascertain whether the Iranian Islamic Revolutionary Guard Corps directly operates the broader network.