😱 United Arab Emirates🇦🇪: investigation links an Iranian illegal gambling network to the movement of more than USD 4 billion through Shelbit

😱 United Arab Emirates🇦🇪: investigation links an Iranian illegal gambling network to the movement of more than USD 4 billion through Shelbit

Since May 2024, an investigation has linked an Iranian illegal gambling network to the movement of at least USD 4 billion through the cryptocurrency company Shelbit.

The company operated from the top floor of a budget hotel in Dubai, in a lower-profile district, functioning as an unlicensed cryptocurrency exchange. According to the investigation, Shelbit served as a financial gateway for Iran, enabling the Central Bank of Iran🇮🇷 and other authorized entities to access global cryptocurrency markets despite international sanctions. Illegal betting activities formed one component of the broader operation.

🔸 The network included:

🔺 A network of approximately 2,000 Persian-language gambling websites, despite such activities being prohibited in Iran.

🔺 Digital wallets that, according to Israeli🇮🇱 authorities, were allegedly linked to the Islamic Revolutionary Guard Corps (IRGC) and Nobitex, another Iranian exchange sanctioned earlier this year by the United States🇺🇸 following a Reuters investigation.

🔺 Operations related to Bitcoin mining in Iran. Since 2019, the activity has been permitted under a state licensing regime.

🔸 Individuals involved: the owner of Shelbit, an Iranian citizen living abroad, and two Iranian influencers—one residing in a villa in Madrid and the other staying at a luxury hotel in Hong Kong. All three were convicted in 2023 in Iran for their involvement in a case related to illegal gambling.

🔸 Flow of funds: Shelbit allegedly transferred hundreds of millions of dollars in cryptocurrencies to international platforms such as Binance. The estimate of more than USD 4 billion in total transaction volume was produced by two blockchain analytics firms and independent researcher Rich Sanders, who specializes in Iran's financial and cryptocurrency ecosystem.

🔸 Geopolitical context: according to the investigation, the operations continued even after several attacks attributed to Iran against the United Arab Emirates. One of the drones reportedly struck less than one kilometer from Shelbit's offices.

🔸 Regulatory measures: on July 24, the Virtual Assets Regulatory Authority (VARA) issued a notice stating that Shelbit had violated anti-money laundering and counter-terrorist financing regulations, ordering the immediate cessation of all its operations.

#news #Asia #UnitedStates #sanctions #crypto #gambling

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