A London investigation uncovers a hidden Dubai office that funneled billions in cryptocurrency and entwined gambling platforms with Iran’s financial networks, revealing unexpected state links.

A London investigation points to one of the world’s largest illegal gambling networks, moving millions of dollars in cryptocurrency through an office in Dubai – part of an Iran sanctions evasion operation totaling at least $4 billion.

The office, located above a budget hotel in a rundown district, is listed as the address of Shelbit – an unregistered crypto-exchange led by an Iranian expatriate, according to two crypto investigators and an independent analyst who checked the records.

Among Shelbit’s major clients is a flashy network…