Reuters says Shelbit, an unlicensed Dubai exchange with Iran links, funneled at least $676M to Binance wallets, part of an alleged sanctions-evasion and gambling money network.

About $540M of that reportedly moved after Dubai regulators fined Shelbit in early 2025 for operating without a license. Binance says Shelbit never held an account with it, and that linked user accounts were investigated, frozen and reported to law enforcement.

Shelbit allegedly processed around $4B since May 2024, acting as a hub linking a Farsi-language gambling network, Iranian exchange Nobitex and suspected IRGC-linked wallets, per blockchain analysts cited by Reuters. This is an allegation built on third-party analysis, not a proven finding. Binance itself is not accused of wrongdoing, Reuters could not confirm direct IRGC control, and no token is involved.