Reuters says Dubai-based exchange Shelbit sent $676 million to Binance in what the report describes as an alleged sanctions-evasion operation linked to Iran. The report connects Shelbit to a wider crypto network that has processed more than $4 billion since May 2024.
According to the reported findings, that network was tied to Iranian gambling sites as well as entities linked to Iran’s central bank and the Islamic Revolutionary Guard Corps, or IRGC. The allegation places Shelbit at the center of a large cross-border flow of digital assets that drew scrutiny because of possible sanctions concerns.
The reported $676 million in transfers to Binance is a major part of the story because it points to the role large global crypto platforms can play in moving funds connected to higher-risk jurisdictions. Based on the Reuters account, the activity was routed through a network rather than a single isolated set of transactions.
The case adds to broader pressure on the crypto industry over compliance, transaction monitoring and sanctions enforcement. While the trimmed report does not include full details on any response from the companies or authorities involved, the allegations highlight how exchanges and related networks remain under close watch when funds are said to intersect with sanctioned or politically exposed actors.
