Iran Sanctions Evasion: Dubai Crypto Exchange Shelbit Moves $4 Billion
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Insights by Echo AI
An unlicensed cryptocurrency exchange based in Dubai, Shelbit, processed at least $4 billion since May 2024 through a network linked to Iranian online gambling, the country’s central bank, and sanctioned entities. The exchange was fined by Dubai's regulator for continuing unlicensed activities after a cease-and-desist order. Reuters investigation found that the exchange interacted with wallets associated by Israel with the IRGC and moved funds to major exchanges like Binance.
Source coverage
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