How illicit Iranian gambling network helped pull off $4b sanctions dodge
An investigation reveals how an illegal gambling network and a Dubai-based exchange helped Iran evade $4 billion in sanctions.Summary
A Reuters investigation has uncovered a massive $4 billion sanctions-evasion operation centered around Shelbit, an unlicensed crypto exchange based in Dubai. The network uses a vast Farsi-language gambling web of over 2,000 sites to move money for the Iranian central bank and the Islamic Revolutionary Guard Corps (IRGC).
Key findings show that Shelbit acts as a financial hub, processing billions through global markets, including Binance. The operation involves high-profile Iranian influencers who promote illegal gambling to millions of followers, masking the movement of funds from sanctioned entities and Iranian bitcoin mining operations.
While Dubai regulators (VARA) have taken enforcement action against Shelbit for operating without a license and violating anti-money laundering laws, the scale of the operation highlights the ingenuity of Iran's methods to bypass international banking restrictions and sustain its economy.
(Source：The Business Standard)