Investigation: Gambling network serves as financial arm of the IRGC

A dramatic investigation by the Reuters news agency published over the weekend reveals that one of the world's largest illegal gambling networks is being used as a secret financial arm of the Islamic Revolutionary Guard Corps (IRGC) in Iran. The network has transferred cryptocurrency worth at least $4 billion since May 2024 through a front company in Dubai. This is a massive operation to circumvent international sanctions imposed on the regime in Tehran, managed largely by Iranian expatriates with close ties to the highest levels of the Islamic Republic.

At the center of the activity is an unlicensed crypto exchange called Shelbite, managed by an Iranian expatriate named Siavash Keyvanpour. The exchange's main clients are operators of a Persian-language gambling network comprising more than 2,000 sites, headed by two flamboyant Iranian social media influencers. The two, Sasha Sobhani and Pouyan Mokhtari, were previously convicted in Iran but continued to run the thriving gambling network while flaunting a lavish lifestyle on social media. Independent blockchain researchers emphasize that this is a clear operation of the IRGC, which took over the gambling industry to funnel capital abroad.

Financial data revealed shows that Shelbite maintained direct interaction with the Central Bank of Iran and with digital wallets that the Israeli government linked directly to the IRGC. A significant portion of the funds flowed to leading global crypto exchanges, including the major exchange Binance, which processed hundreds of millions of dollars for the network. The US Department of the Treasury stated in response that it is aware of these serious allegations and takes them very seriously. The department emphasized that since the return of President Donald Trump to the White House, the administration has been acting aggressively and uncompromisingly against digital assets linked to the Iranian regime.