$676 Million Reached Binance From an Iran-Linked Exchange Dubai Had Already Fined
At least $676 million in crypto moved from an unlicensed Dubai exchange onto Binance since May 2024, Reuters reported. Investigators say the exchange, Shelbit, sits at the center of an Iranian sanctions evasion network.
About $540 million of that moved after Dubai regulators cracked down on Shelbit in January 2025. Binance says it cannot match that number.
The Warning That Changed Nothing
Rich Sanders is an independent blockchain researcher who tracks Iran. He said he warned Binance about Shelbit in October 2025.
The money kept coming. Funds moved from Shelbit to Binance after that warning, the data reviewed by Reuters shows.
Binance did not say what it did about the warning. It said Shelbit never held an account and has never been sanctioned.
"When users associated with Shelbit interacted with our platform, our compliance program operated as it should have: it investigated, froze the relevant accounts, and reported them to law enforcement," Reuters reported, citing Binance.
The exchange also said an outside analytics firm did not flag the flows as risky. It did not name the firm.
… Continue reading the full article at the original source below.
