Trade in elasmobranch products is a circum-global practice negatively impacting elasmobranch populations. Although Asia is at the centre of the shark fin trade, countries like Bangladesh, remain data-poor regarding trade dynamics. In the Bay of Bengal region, Bangladesh has a long-standing history of producing and trading products from vulnerable and protected elasmobranchs both nationally and internationally. A limited understanding of trade currently precludes Bangladesh from enforcing regulations effectively and taking timely conservation actions. To address this knowledge gap, we characterized elasmobranch trade by identifying stakeholders involved in national and international trade, routes used, trade hubs, and ports in Bangladesh. We found that most of the trade remains unreported and violates the Wildlife (Conservation and Security) Act, 2012 and CITES mandates. We identified the south-eastern region as a trade hub with a syndicate of traders annually exporting elasmobranch products predominantly to China via Myanmar. High-quality fins and dried meat drive international trade, including products from Critically Endangered sawfish (Pristidae), guitarfishes (Glaucostegidae, Rhinobatidae), wedgefishes (Rhinidae), hammerhead sharks (Sphyrnidae), and large requiem sharks (Carcharhinidae). Also prevalent is a substantial national demand for elasmobranchs for consumption and traditional medicinal uses. Apart from limited alternatives, a low efficiency of acquiring maximum profits in trading other fishery products, an inequality of profit sharing and limited awareness of laws amongst traders results in their non-compliance towards the Wildlife Act, 2012. Along with amendments to this national Act, it is essential to protect threatened species beyond just legal regimes. Enhanced monitoring and inclusive policies are essential for disincentivizing traders to trade such products.