A cryptocurrency exchange based in Dubai has processed at least $4 billion in digital assets as part of what investigators describe as an Iranian sanctions evasion network, according to a Reuters investigation.

According to the report, the exchange, Shelbit, operates from an office in Dubai and is run by an expatriate Iranian without a license. The report cited data reviewed by Reuters that was provided by two cryptocurrency investigative firms and an independent blockchain analyst.

According to the investigation, one of Shelbit’s principal customers is a Farsi-language online gambling network comprising more than 2,000 websites. The network is fronted by two Iranian influencers with government connections, and both men, together with the…