Iran-Linked Crypto Exchange Sent $676M to Binance, Reuters Finds

A network connecting Iranian gambling sites processed at least $4 billion through crypto, with hundreds of millions reaching Binance.

At least $676 million in crypto flowed to Binance from wallets linked to Shelbit, an unlicensed Dubai crypto exchange allegedly operating at the center of a sprawling Iranian sanctions-evasion network, according to a Reuters investigation published on Friday, July 31.

About $540 million arrived after Dubai’s crypto regulator fined Shelbit in 2025 for operating without a license, blockchain data reviewed by Reuters showed. Shelbit has processed at least $4 billion since May 2024.

Its customers allegedly include a Farsi-language gambling network spanning more than 2,000 websites. Its wallets also interacted with Iran’s central bank and other sanctioned entities, per the report.