Investigators Link Dubai Crypto Exchange Shelbit to Alleged $4 Billion Iranian Sanctions Evasion Scheme

A little-known Dubai exchange handled billions in crypto, while its office address and missing license raised questions about who stood behind the operation.

Shelbit, a Dubai-registered cryptocurrency exchange, may have been one of the key hubs in a large-scale Iranian sanctions-evasion scheme. Since May 2024, at least $4 billion has passed through its crypto wallets, including funds from a network of illegal Persian-language gambling websites, transactions involving the Central Bank of Iran, and other sanctioned entities.

Shelbit does not hold a licence to operate with virtual assets. Its registered address is above a budget hotel in Dubai’s Deira district. The exchange’s founder is listed as Siavash Kayvanpour. In 2023, he, along with Sasha Sobhani and Pooyan Mokhtari, was convicted in Iran in a case involving illegal gambling operations.

The network promoted by Sobhani and Mokhtari includes more than 2,000 websites. It offers betting and gambling, including slots, blackjack, and roulette. Although gambling is prohibited in Iran and can be punishable by imprisonment and corporal punishment, these platforms had access to the country’s domestic payment infrastructure, which is controlled by the Central Bank of Iran.