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A Dubai-based exchange called Shelbit routed $676 million to Binance wallets in what Reuters has characterized as a sanctions-evasion operation with ties to Iran.
The reported network ran through Iranian gambling sites, Iran's central bank, and the Islamic Revolutionary Guard Corps. Shelbit processed over $4 billion in total since May 2024.
What the money trail shows The $4 billion figure is the more telling number.
The $676 million to Binance ($BNB) wallets is one part of a much larger operation allegedly designed to move Iranian capital through a compliant-looking intermediary in Dubai.
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