Dubai-based crypto exchange tied to $4 billion Iran sanctioned-evasion network
Shelbit allegedly sent hundreds of millions of dollars to major crypto exchanges, including Binance, as it linked gambling sites and sanctioned Iranian entities to global crypto markets.
Source: CoinDesk
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DW NOTE
Shelbit processed $4 billion for the Iranian central bank and IRGC-linked entities through unlicensed Dubai operations. The exchange funnelled hundreds of millions into Binance and other platforms, connecting sanctioned Iranian institutions to global crypto markets via gambling fronts. This is what capital controls produce: illegal exchanges in offshore jurisdictions doing the job banned banks cannot.