Reuters: An exchange linked to Iran transferred $676 million to Binance suspected of circumventing sanctions

On August 2, Reuters reported that Dubai-based cryptocurrency exchange Shelbit has processed at least US$4 billion in transactions since May 2024, while also serving as a hub for connecting Iranian gambling websites, the country's central bank and entities linked to Iran's Islamic Revolutionary Guard Corps. At least $676 million was transferred to Binance from Shelbit-related addresses, including approximately $540 million after Dubai regulators imposed fines on the unlicensed exchange in January 2025. Reuters could not independently determine who controls Sherbit within the Iranian government, or whether Iran's Islamic Revolutionary Guard Corps directly operates the broader network.