Reuters reported that Shelbit, a Dubai-based cryptocurrency exchange, has been accused of being linked to a $4 billion Iranian sanctions-evasion network. The exchange is suspected of transferring hundreds of millions of dollars to major cryptocurrency platforms, including Binance, to provide gambling websites and sanctioned Iranian entities with access to the global cryptocurrency market. Binance responded by stating that Shelbit has never opened an account on its platform and that the associated transactions posed a low risk; however, it has investigated and frozen the linked accounts and reported the matter to law enforcement authorities.