In Binance Iran news today, at least $676M in cryptocurrency flowed from wallets linked to Shelbit, an unlicensed Dubai-based exchange allegedly operating at the center of a sprawling sanctio
In Binance Iran news today, at least $676M in cryptocurrency flowed from wallets linked to Shelbit, an unlicensed Dubai-based exchange allegedly operating at the center of a sprawling sanctions-evasion network by Iran, into Binance, according to a Reuters investigation published July 31, 2026.
Blockchain data reviewed by Reuters showed approximately $540M of those transfers arrived after Dubai’s Virtual Assets Regulatory Authority (VARA) had already fined Shelbit for operating without a license.
The findings position Binance as the primary named counterparty in what Reuters describes as a $4Bn sanctions-evasion structure connecting Iran’s central bank, a Farsi-language online gambling network spanning more than 2,000 websites, and an Iranian bitcoin mining operation to global crypto markets through a single offshore exchange.
A Reuters investigation found that Shelbit, an unlicensed cryptocurrency exchange based in Dubai, processed at least $4 billion in cryptocurrency since May 2024 as part of a suspected Iranian sanctions-evasion network.Shelbit handled at least $125 million linked to Iran's… pic.twitter.com/aOsmxBh74r
— Tabz (@TabzLIVE) August 1, 2026
Shelbit processed at least $4Bn since May 2024 despite having no functional public website, operating out of a three-room office above a budget hotel in Dubai’s Deira district, registered alongside a watch trading business, according to Reuters.
The scale and timing of the alleged flows, $540M of the $676M routed to Binance arriving after VARA’s fine, indicate the exchange continued operating at volume through regulatory action rather than winding down in response to it.
Sanctions didn't push Iran off the financial grid, they pushed it onto stablecoinsIran's crypto economy passed $7.78B last year across roughly 75 domestic exchanges, per Chainalysis, with documented IRGC wallets and leaked data on the Central Bank's own usage.Analysts can… pic.twitter.com/aiUnpejCXB
— BSCN (@BSCNews) August 2, 2026
Blockchain data reviewed by Reuters indicates that funds flowed from Shelbit-linked wallets to Binance, with Shelbit acting as an aggregation layer for money from three main sources: Iran’s central bank, an unnamed Iranian bitcoin mining entity, and an Iranian online gambling network.
At least $125M was traced from the central bank to Shelbit, along with another $20M from the mining operation. The gambling network, led by social media influencers Sasha Sobhani and Pooyan Mokhtari, generated significant transaction volume.
Binance stated that Shelbit never had a direct account on its platform, and transactions were not flagged as high-risk by its blockchain analytics firm. While Binance processed hundreds of millions of dollars related to Shelbit users, it emphasized that its compliance team investigated and froze relevant accounts when flags arose.
Rich Sanders, a blockchain investigator, suggested that the operation was linked to the Islamic Revolutionary Guard Corps (IRGC), which has reportedly co-opted online gambling to bypass international banking restrictions.
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The Shelbit structure leverages a jurisdictional gap noted in previous Iran-linked enforcement actions: domestic Iranian exchanges face OFAC designation and volume declines, prompting transaction flows to offshore intermediaries in jurisdictions with lighter regulatory oversight.
Shelbit, registered in Dubai, provides distance between sanctioned Iranian entities and global crypto markets. This gap is significant for compliance; while OFAC can directly sanction Iranian exchanges, targeting a UAE-registered entity requires proof of its role in sanctions evasion.
VARA’s July 24, 2025 cease-and-desist against Shelbit for serious anti-money laundering violations lays the groundwork for OFAC’s potential designation. A US Treasury spokesperson indicated that OFAC is seriously considering these allegations in efforts to disrupt Iranian digital asset networks.
SOURCE: TradingViewThe $540M figure from flows to Binance after VARA fined Shelbit highlights ongoing transactions despite Shelbit’s documented regulatory issues as a sanctioned, unlicensed entity.
Binance’s claim that Shelbit-linked transactions weren’t flagged as high-risk by its analytics vendor shifts focus to the effectiveness of its screening methods rather than its intent.
Binance’s European licensing efforts face challenges, especially regarding compliance history and AML controls, which are crucial for regulatory assessments in EU member states.
Any enforcement action tied to Iranian sanctions would impact these licensing reviews. VARA is investigating Shelbit for sanctions evasion and has ordered the exchange to cease all unlicensed crypto activities, likely requiring Binance to provide transaction records for the relevant period.
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