Dubai’s cryptocurrency scene faces scrutiny as Shelbit, an unlicensed crypto exchange, allegedly facilitated billions in transactions for one of the largest illegal gambling operations globally, according to a Reuters investigation. This network, based on Farsi-language sites, is reportedly linked to Iran’s central bank and other sanctioned entities. The news agency emphasizes that the financial trail stretches beyond gambling—touching on sanction evasion, with Shelbit allegedly processing over $4 billion in crypto since May 2024.
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Influencers and Their Luxurious Facade
Sasha Sobhani and Pooyan Mokhtari, Iranian musicians turned social media influencers, are believed to be the public faces of this extensive gambling operation. They’ve gained massive followings by flaunting opulent lifestyles—supercars, yachts, private jets—all while pushing gambling sites to their fans. Both men, alongside Shelbit’s founder Siavash Kayvanpour, were convicted in absentia in Iran for illegal gambling activities in 2023. Despite Iran’s strict prohibition on gambling, these sites reportedly accessed the nation’s controlled electronic payment infrastructure, allegedly overseen by its central bank.
Regulatory and Legal Actions
Dubai’s Virtual Assets Regulatory Authority (VARA) recently clamped down on Shelbit, citing its unlicensed status and potential violations of anti-money laundering (AML) and anti-terrorism financing laws. They’ve ordered the exchange to cease operations. According to blockchain analysis reviewed by Reuters, at least $676 million from Shelbit-linked wallets ended up in Binance. While Binance has acknowledged the investigation, it argued that Shelbit never had a direct account with them. They confirmed freezing certain accounts and cooperating with law enforcement regarding Shelbit-related transactions.
Iranian Allegiances and International Implications
Former Iranian officials allege the Islamic Revolutionary Guard Corps (IRGC) has gradually taken a cut from the online gambling network, potentially redirecting profits overseas. However, Reuters couldn’t confirm direct IRGC control over the operations. Both Sobhani and Mokhtari have denied any wrongdoings related to money laundering or sanctions evasion. The U.S. Treasury Department has taken note and is vigorously investigating the claims. What’s clear is the ripple effect—this isn’t just a national issue, it’s drawing global attention.
Awaiting Reactions and Consequences
Neither Kayvanpour nor Iranian authorities commented on the allegations when approached by Reuters. With the U.S. Treasury’s involvement, the stakes are high. Next steps remain uncertain, but industry insiders suggest regulatory bodies worldwide will be keeping a close watch. The unfolding saga around Shelbit and the alleged gambling empire is bound to impact the wider regulatory market. Keep an eye on how this develops into Q4.
Eri Gaitu leads the news desk at Best in Slot, tracking breaking developments across the gambling world in real time. From exclusive bonus offers and casino launches to licensing updates and regulatory shifts, Eri ensures readers are always first to know about the changes that matter to their gaming experience.
