Iranian sanctions-evasion scheme channels billions through Dubai crypto hub and gambling sites

One outlet's investigation revealed a sophisticated $4 billion sanctions-evasion network that enabled Iran to access global cryptocurrency markets despite Western restrictions. At its core was Shelbit, a Dubai cryptocurrency exchange that acted as a financial conduit linking Iran's central bank, a Persian-language gambling network of more than 2,000 websites, and suspected state-supported bitcoin mining operations. Blockchain analysis showed Shelbit handled at least $4 billion in crypto transactions since May 2024, routing hundreds of millions to prominent exchanges, including Binance.

The gambling front was managed by influencers Sasha Sobhani, based in Madrid, and Pooyan Mokhtari, formerly in Hong Kong, both previously convicted in Iran alongside Shelbit founder Siavash Kayvanpour. The operation also interfaced with wallets tied to the Islamic Revolutionary Guard Corps. Dubai's Virtual Assets Regulatory Authority has issued a cease-and-desist order against Shelbit for alleged money-laundering and terrorism-financing breaches, while the UAE Ministry of Foreign Affairs pledged cooperation to disrupt illicit flows.