Shelbit Transfers $676M to Binance Amid Sanctions Evasion Suspicions

Dubai exchange Shelbit moved $676M to Binance, including $540M post-January 2025 fine. Platform links Iranian state entities and gambling sites.

Woofun AI reports that Dubai-based exchange Shelbit has processed over $4 billion in transactions since May 2024, acting as a conduit for Iranian gambling sites, the Central Bank of Iran, and entities linked to the Iranian Islamic Revolutionary Guard Corps. At least $676 million was transferred from Shelbit-associated addresses to Binance, with approximately $540 million moving after Dubai regulators fined the unlicensed platform in January 2025. Independent verification of Shelbit’s control structure within the Iranian government or direct IRGC operation remains unconfirmed.