An Iranian gambling network allegedly moved $4bn through a Dubai crypto exchange linked to sanctioned institutions and global platforms.
An Iranian gambling network allegedly helped move at least $4 billion through a cryptocurrency operation connected to the country’s sanctions-evasion system, according to a major Reuters investigation.
The investigation linked more than 2,000 Farsi-language gambling websites to social media influencers, cryptocurrency-mining operations and a little-known Dubai exchange called Shelbit.
Blockchain analysts said Shelbit processed at least $4 billion from May 2024. Its digital wallets reportedly interacted with Iran’s central bank, wallets linked by Israeli authorities to the Islamic Revolutionary Guard Corps and Nobitex, Iran’s largest cryptocurrency exchange.
However, Reuters could not establish whether the IRGC directly controlled Shelbit or the wider gambling network. It also could not determine who within Iran’s government may have directed the operation or where much of the cryptocurrency ultimately went.
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Dubai Exchange at Centre of Network
Shelbit was reportedly operated by Iranian expatriate Siavash Kayvanpour. Its registered address was above a budget hotel in Dubai’s Deira district.
When Reuters visited the location, people there said they had never heard of Shelbit. The office instead carried the name Velorix Watches Trading LLC, another company registered to Kayvanpour.
Despite having no functioning public website or visible customer service, Shelbit allegedly processed at least $125 million connected to Iran’s central bank. Investigators also traced at least $20 million from an Iranian cryptocurrency-mining operation.
Dubai’s Virtual Assets Regulatory Authority fined Shelbit in 2025 for operating without a licence. On July 24, 2026, VARA ordered the company to stop all unlicensed virtual-asset activity.
More Than 2,000 Gambling Websites
Cybersecurity company Infoblox helped identify more than 2,000 websites offering roulette, blackjack, slot machines and other gambling services.
Although the sites used different names and branding, investigators found shared software and technical features.
The scale of the operation is significant because gambling is illegal in Iran. Offenders can face prison sentences and physical punishment.
Some websites reportedly offered access to Iran’s domestic banking and payment systems. Former officials told Reuters that an operation of this size would struggle to survive without protection or cooperation from powerful state-linked groups.
Influencers Promoted Luxury Lifestyle
Iranian influencers Sasha Sobhani and Pooyan Mokhtari were prominent promoters of gambling sites within the network.
Both built large audiences by posting images of luxury cars, private aircraft, expensive watches, yachts and high-end properties.
Reuters found that more than 60 influencers promoted websites linked to the network. Around half had more than one million followers.
Sobhani and Mokhtari were convicted in absentia in Iran in 2023 and sentenced to two years in prison. Kayvanpour received a three-month sentence for assisting them.
Both influencers denied knowing that the websites were part of a coordinated network. They also rejected allegations of money laundering, sanctions evasion or links to the IRGC.
Hundreds of Millions Reached Binance
Investigators found that at least $676 million moved from Shelbit-linked addresses to Binance after May 2024.
Binance said Shelbit never held an account with the exchange. However, it did not dispute that funds from Shelbit-associated wallets reached its platform.
The company said it investigated related users, froze relevant accounts and reported suspicious activity to law-enforcement authorities.
The Reuters investigation highlights how online gambling, cryptocurrency and social media influence may have combined to move billions of dollars beyond international financial restrictions.
For ordinary Iranians, gambling remains a serious crime. Yet the findings suggest that an industrial-scale gambling empire may have been tolerated or exploited because of its value to Iran’s sanctions-hit economy.
