Reuters Traces $676M From an Iran-Linked Exchange to Binance

Reuters links a Dubai exchange to Iranian money flows

A Reuters investigation published on 31 July 2026 linked Shelbit, an unlicensed Dubai-based crypto exchange, to a large Iranian sanctions-evasion network. According to Reuters, Shelbit processed at least $4 billion in digital assets since May 2024. Blockchain researchers traced at least $676 million from Shelbit-linked addresses to Binance wallets over the same period. Reuters said the network connected Farsi-language gambling sites, Iran's central bank, and entities tied to the Islamic Revolutionary Guard Corps, or IRGC. Reuters could not independently establish that the IRGC directly controlled the operation, and it could not trace where much of the money ultimately went.

About $540 million moved after a regulatory fine

Roughly $540 million reached Binance wallets after Dubai regulators fined Shelbit in early 2025 for operating without a licence, according to Reuters. The exchange also handled about $125 million linked to Iran's central bank and $20 million from a suspected Iranian bitcoin mining operation, the report said. One of its largest clients was an illegal gambling network spanning more than 2,000 Farsi-language websites. Reuters described the scheme as one of the largest Iranian sanctions-evasion networks uncovered in years.

Binance disputes the findings and cites compliance steps

Binance told Reuters that Shelbit never held an account on its platform and was not a sanctioned entity. The company disputed the $540 million figure and said an independent blockchain analytics firm had not classified the transactions as high risk. Binance said its compliance team investigated the linked users, froze the relevant accounts, and reported them to law enforcement. The exchange added that it found no evidence supporting the researchers' central allegations.

Named gambling operators deny any involvement

Reuters reported that the gambling network was linked to two Iranian influencers, Sasha Sobhani and Pooyan Mokhtari, who were convicted of illegal gambling in Iran in 2023. Both men denied knowing Shelbit's operator or having any connection to the exchange, and said they were unaware of any state involvement. Reuters said it relied on blockchain data from two investigative firms and independent researcher Rich Sanders to map the flow of funds across the network.

BNB trades near $582 amid renewed scrutiny

BNB, the token tied to Binance, traded at $581.74 at the time of publication, up 0.6% over the past 24 hours (CoinPaprika, 2 August 2026). Its market value stood near $77.5 billion. The renewed attention follows Binance's 2023 guilty plea to anti-money-laundering and sanctions violations, which carried a $4.3 billion penalty tied in part to transactions involving Iran.

Dubai and U.S. regulators examine the allegations

Dubai's Virtual Assets Regulatory Authority, known as VARA, issued a notice against Shelbit on 24 July 2026. The regulator cited unlicensed activity, money laundering, and potential terrorism financing connected to the operation. The U.S. Treasury's Office of Foreign Assets Control, or OFAC, told Reuters it was aware of the allegations and took them seriously. Neither authority has announced formal sanctions against the exchange.