$676 Million Iran-Linked Connection to Binance: Secret Traffic of Dubai-Based Exchange Exposed

Dubai-based cryptocurrency exchange Shelbit is alleged to have transferred $676 million to the Binance platform through Iran-linked illicit activities and sanctions-evasion operations.

The cryptocurrency world is reeling from news of a massive money flow conducted through Shelbit, an unlicensed Dubai-based exchange. According to data shared by Reuters, this platform—which has reached a trading volume of over $4 billion since May 2024—is alleged to have deep ties with the Iranian government and military structures.

Investigations reveal that Shelbit serves not only as an exchange but also as a bridge between gambling networks in Iran, the central bank, and entities linked to the Revolutionary Guard Corps. It is stated that tens of millions of dollars from over 2,000 Persian-language gambling sites specifically passed through this platform. Furthermore, the exchange was found to have direct interactions with Nobitex, Iran’s largest platform, and Bitcoin (BTC) mining operations in the country.

Million-Dollar Traffic Between Binance and Shelbit

Research shows that assets totaling $676 million were transferred from wallets associated with Shelbit to Binance, the world’s largest exchange. Notably, $540 million of this amount occurred after Dubai’s regulatory body, VARA, fined the exchange. Binance officials stated that Shelbit does not have a corporate account on the platform, but that associated user accounts have been frozen and reported to law enforcement.

This development comes on the heels of Binance’s history in 2023, when it pleaded guilty to money laundering and sanctions violation charges and paid a $4.3 billion fine. U.S. officials stated at the time that the exchange had facilitated approximately $900 million in transactions between American and Iranian users.

Dubai and U.S. officials are meticulously investigating whether this operation was used for evading sanctions and money laundering. This digital contact with official institutions and military structures flying the Iranian flag once again highlights how critical oversight in the cryptocurrency markets is. OFAC and VARA, while deepening their investigations to protect the security of the regional financial system, have issued official orders to cease Shelbit’s operations.