Dubai regulator VARA fined unlicensed exchange Shelbit for processing $4B through Iran-linked networks and potential AML/terrorism-financing violations.
Regulation & Gov ·
Dubai-based exchange Shelbit processed at least $4 billion in funds linked to Iran through networks that raised potential anti-money laundering and terrorism-financing concerns, according to Reuters reporting. The Dubai regulator VARA fined the unlicensed exchange for these activities.