Shelbit Exchange
Summary
Shelbit Exchange is an unlicensed Dubai-based cryptocurrency exchange operated by Iranian expatriate Siavash Kayvanpour that processed at least $4 billion in digital assets since May 2024 for a network including Iran's central bank, IRGC-linked wallets, and more than 2,000 Farsi-language gambling sites. On August 7, 2026, the U.S. Treasury's Office of Foreign Assets Control (OFAC) designated Shelbit Exchange, its operator Kayvanpour, and multiple affiliated corporate entities under Iran-related sanctions authorities. Dubai's Virtual Assets Regulatory Authority (VARA) separately issued a cease-and-desist and monetary fines on July 24, 2026, citing unlicensed operation, KYC failures, and anti-money laundering violations.
Connected Entities
1 entities · 10 linked investigationsTimeline(8 events)
2023-01-01
Siavash Kayvanpour, Sasha Sobhani, and Pooyan Mokhtari convicted in absentia in Iran on illegal gambling charges.
Reuters / Iran International2024-05-01
Shelbit Exchange begins active operation, according to blockchain investigators who reviewed transaction data for Reuters.
CoinDesk / Reuters2025-01-02
Dubai VARA issues a formal cease-and-desist notice against Shelbit General Trading L.L.C. for operating virtual asset services without a valid regulatory license.
FX News Group / VARA2026-01-01
Shelbit claims to have ceased operations, according to its own statement issued on August 1, 2026. Claim is unverified independently.
U.S. News2026-07-24
Dubai VARA publishes Notice of Fines against Shelbit General Trading L.L.C., citing AML/CTF violations, unlicensed operation, and KYC failures. Second enforcement action within 18 months.
FX News Group2026-07-31
Reuters publishes investigation linking Shelbit to a $4 billion Iranian sanctions-evasion network involving 2,000+ gambling sites, Iran's central bank, IRGC-linked wallets, and $676 million in flows traced to Binance.
CoinDesk / Reuters2026-08-01
Shelbit reactivates its website and issues a public statement categorically denying knowing participation in money laundering, terrorist financing, gambling, sanctions evasion, or activity on behalf of any sanctioned, military, or governmental organization.
U.S. News2026-08-07
U.S. Treasury OFAC designates Shelbit Exchange, Siavash Kayvanpour, and affiliated entities (SHPS Shelbit/Georgia, Shelbit General Trading LLC/UAE, Shelbit Technologies Ltd/Poland, Crypto Home DMCC/UAE, NFT Home DMCC/UAE) under Executive Orders 13224 and 13902. Aban Tether also designated in the same action.
U.S. Treasury DepartmentDecision Log
- #1publish⛓ pending8/7/2026, 11:04:31 PMhash: ES1Vq2eXUyf21gm1Coj3Nzww1t53ZG3V5xgD6vgqxtFf
15 of 16 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/7/2026, 11:04:17 PM
last updated: 8/8/2026, 4:12:20 AM
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