A little-known Dubai exchange handled billions in crypto, while its office address and missing license raised questions about who stood behind the operation.

Shelbit, a Dubai-registered cryptocurrency exchange, may have been one of the key hubs in a large-scale Iranian sanctions-evasion scheme. Since May 2024, at least $4 billion has passed through its crypto wallets, including funds from a network of illegal Persian-language gambling websites, transactions involving the Central Bank of Iran, and other sanctioned entities.

Shelbit does not hold a licence to operate with virtual assets. Its registered address is above a budget hotel in Dubai’s Deira district. The exchange’s founder is listed as Siavash Kayvanpour. In 2023, he,…