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Here’s a sentence you probably didn’t expect to read today: Persian-speaking gambling influencers living luxury lifestyles in Dubai allegedly helped Iran’s Islamic Revolutionary Guard Corps move billions of dollars through the crypto system. A Reuters investigation published on July 31 laid out a sprawling sanctions-evasion network connecting Iran’s central bank, IRGC-affiliated wallets, illegal gambling websites, and a single unlicensed cryptocurrency exchange in Dubai called Shelbit.
The scale is significant. Shelbit reportedly processed at least $4 billion in transactions since May 2024, with $125 million traced directly from Iran’s central bank.
The Shelbit operation and its web of connections
Shelbit was operated by Siavash Kayvanpour, an Iranian expatriate based in Dubai. According to the Reuters investigation, blockchain analysts identified strong connections between Shelbit and IRGC-associated wallet addresses. The exchange also maintained ties with Nobitex, Iran’s largest cryptocurrency exchange, which the US Treasury sanctioned on June 2, 2026, specifically for facilitating transactions linked to the IRGC and the Iranian central bank.
The gambling component is where the story gets genuinely strange. The network involved over 2,000 illegal Farsi-language gambling websites. Two prominent Persian-speaking influencers, Sasha Sobhani and Pooyan Mokhtari, promoted the gambling network while showcasing luxury lifestyles on social media. Both influencers, along with other key figures, were previously convicted in 2023 for illegal gambling activities.
At least $676 million flowed from these gambling sites into global platforms, with Binance receiving the lion’s share. Approximately $540 million of that amount arrived at Binance after the exchange had already received a fine from Dubai’s Virtual Assets Regulatory Authority, known as VARA.
Regulators respond, but questions linger
VARA ordered Shelbit to cease its unlicensed activities on July 24, 2026, citing concerns over money laundering and sanctions evasion. The Treasury Department’s Office of Foreign Assets Control is reportedly reviewing the allegations. Given that OFAC already sanctioned Nobitex in June for its IRGC connections, it would be surprising if Shelbit and its associated network didn’t face similar action.
The Reuters investigation could not definitively confirm that the IRGC directly controlled Shelbit. But the circumstantial evidence, including blockchain data showing billions in flows from IRGC-associated addresses, the exchange’s ties to sanctioned Nobitex, and the criminal histories of key figures involved, paints a picture that regulators will find difficult to ignore.
What this means for investors and the broader market
The immediate risk falls on Binance, which received over $540 million from the gambling network after its prior VARA fine. The $676 million that flowed from those 2,000 gambling sites into the regulated crypto ecosystem didn’t get there by accident. It got there because no one was looking closely enough at where the money was coming from.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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