NewsMeter
$676 million moved from Shelbit, a Dubai-based cryptocurrency exchange, to Binance in what Reuters is reporting as a sanctions-evasion operation connected to Iranian state entities.
Shelbit processed more than $4 billion in total since May 2024 through a network Reuters links to Iranian gambling sites, Iran's central bank, and the Islamic Revolutionary Guard Corps.
The Binance-directed flows represent roughly 17 percent of that $4 billion gross throughput.
The network Reuters mapped Reuters identifies three counterparty types in Shelbit's alleged network: Iranian gambling platforms, Iran's central bank, and the IRGC. No per-node volume breakdown is reported.
Keep reading