Financial regulators, crypto media portals, and international investigative outlets are generating heavy search traffic following an extensive Reuters investigation into global crypto flows linked to sanctioned entities.
The world's largest cryptocurrency exchange is trending after blockchain analytics cited in a Reuters report revealed that at least $676 million flowed to Binance from wallets associated with Shelbit—an unlicensed, Dubai-based crypto exchange.
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According to the investigation, Shelbit processed over $4 billion since May 2024 for an illicit Farsi-language gambling network spanning more than 2,000 websites, while also facilitating transactions connected to Iran's central bank and IRGC-linked accounts.
The story spurred widespread industry coverage as media outlets detailed how nearly $540 million of those funds reached Binance after Dubai's Virtual Assets Regulatory Authority (VARA) penalized Shelbit in 2025 for operating without a license.
In response, Binance stated that Shelbit never held a direct account on its platform, noting that its internal compliance mechanisms investigated the flagged user accounts, froze the relevant funds, and submitted reports to law enforcement authorities.
Sources: Reuters Investigation / The Block / CoinTribune / Bitcoin Foundation Reports.
#Binance #CryptoNews #ReutersInvestigation #Fintech #BlockchainAnalytics #RegulatoryCompliance
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