Wey dey happen? Binance, one of di biggest crypto exchange for di world, dey find imsef for trouble again. According to new Reuters investigation, di exchange don receive nearly $676 million from Shelbit, one Dubai-based platform wey dem suspect say dey launder money for Iran.
Shelbit, wey no get license, na Iranian expatriate Siavash Kayvanpour dey run am. Since May 2024, di platform don process at least $4 billion. Dem say im dey act like one middleman between more than 2,000 Persian-language betting sites, Iran central bank, and some crypto wallets wey Israel believe say belong to Islamic Revolutionary Guard Corps (IRGC).
For di $4 billion wey move through Shelbit, $676 million end up for Binance. But di tin wey worse na say about $540 million of dat one move after VARA, di Dubai regulator, don sanction Shelbit for January 2025 for dey do business without license. So even wen di platform dey under scrutiny, money still dey flow.
Reuters say dem no fit confirm whether IRGC directly dey manage di operation. But di fact say dis kind money reach Binance don make many people dey ask question wey don follow di exchange for years: di compliance system really dey work abi dem dey just react after tori don burst?
Dis Shelbit case no be new thing for blockchain researchers. Dem say sanctioned networks like to use stablecoins, especially USDT from Tether, because e dey stable and easy to move. Unlike bitcoin wey value dey jump, USDT allow person to move huge money without price shake before dem go convert am for major platforms like Binance.
For ein defence, Binance tell Reuters say di compliance program work as e suppose to work as soon as dem identify accounts wey dey linked to Shelbit. Dem freeze di accounts and report am to authorities. But di problem be timing. Rich Sanders, one external researcher, say e warn Binance as far back as October 2025. So if na only throway person alert dem dey act, e no look like detection system, e look more like after-sales service.
And as long as USDT remain di main road for sanctioned networks, any exchange wey list am go dey for frontline, whether dem like am or not.
For Dubai side, di tone don change. VARA, wey don already sanction Shelbit for January 2025, issue official notice on July 24, 2026 say di platform dey continue to operate without license, no KYC checks, no commercial authorization. VARA no just make vague accusation; dem link di failures to three specific texts. Dem say dem don impose financial penalties on Shelbit and order am to stop all unlicensed activities for Dubai immediately. Di notice still say e dey for informational purposes, no be legal advice, but e no reduce di seriousness of di matter.
For US side, OFAC say dem take di allegations very seriously. For Binance, wey don already convicted for 2023, dis one go be big challenge. If new procedure come, e go continue to show say Binance dey always run after scandal instead of preventing am.
Binance say dem act as dem suppose to act once dem hear di alert. But di real question be: di react after tori don burst na compliance? Between VARA investigation and di vigilance of US Treasury, di crypto exchange wey Changpeng Zhao found must prove say ein monitoring no be just for press release.
Di matter dey still dey unfold, and di debate just dey start.
