Iran's largest cryptocurrency exchange processed billions of dollars through blockchain networks tied to major supporters of the Trump family's crypto venture, according to a new report.
Iranian crypto exchange Nobitex handled at least $2.3 billion in transactions on the Tron and BNB Chain blockchain networks since 2023, according to blockchain data analyzed by Reuters. The transactions continued during the war in Iran, with at least $22.6 million moving through BNB Chain and more than $550,000 through Tron since the war began in late February.
The networks are closely associated with crypto billionaires Justin Sun and Changpeng Zhao, both of whom became prominent supporters of World Liberty Financial, the cryptocurrency venture co-founded by President Donald Trump and members of his family. Reuters clarified that there is no indication the Trump family had knowledge of Nobitex's use of the networks.
The development comes as the Trump administration has adopted a more crypto-friendly regulatory stance since returning to office in January 2025. The administration has denied any conflict involving Trump's business interests, while World Liberty Financial told the news agency it has no relationship with Nobitex and complies with U.S. law.
Nobitex has become a critical financial channel inside Iran's sanctions-hit economy. Earlier this month, Reuters reported that the exchange was founded by brothers linked to one of Iran's most influential families and has been used by entities including Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC), both of which remain under Western sanctions.
Blockchain analysts told Reuters the true volume of transactions connected to Nobitex could be significantly larger because the exchange frequently rotates wallet addresses to complicate tracking efforts. Independent crypto investigator Rich Sanders said only a portion of Nobitex-linked wallets are publicly identifiable.
The use of Tron and BNB Chain by Iranian entities has also drawn renewed scrutiny because both networks have historically been used for low-cost stablecoin transfers. Reuters reported in 2022 that about $7.8 billion moved between Nobitex and Binance between 2018 and 2022 despite U.S. sanctions on Iran. Much of those flows involved Tron-based assets.
Additional reporting from blockchain analytics firm Elliptic found that Iran's central bank acquired more than $500 million worth of Tether on the Tron blockchain between late 2024 and mid-2025. Elliptic's findings showed that hundreds of millions of dollars in those assets were routed through Nobitex.
Binance and BNB Chain told Reuters that BNB Chain operates independently as a public blockchain network and is not controlled by Binance. Corporate filings reviewed by Reuters, however, showed continuing ownership links between Zhao and BNB Chain Technology Holding Limited.
Sun's relationship with World Liberty Financial has also deteriorated in recent months. In April, Sun sued World Liberty, alleging extortion tied to investments in the company's stablecoin project. World Liberty later countersued, accusing Sun of defamation.
The report surfaced as crypto markets continue to play an increasing role in sanctions evasion investigations globally. Earlier this year, the U.S. Treasury Department announced additional sanctions targeting financial networks accused of helping Iran-backed groups move funds through digital assets, according to the department's public statements.
Tether, whose stablecoin is widely used across Tron and BNB Chain, said multiple Nobitex-linked wallet addresses had been frozen at Israel's request. The company said exchanges and trading platforms are responsible for compliance involving secondary-market transactions.
The Trump family's crypto business has expanded rapidly since the president returned to office. World Liberty Financial launched multiple crypto products and stablecoin ventures in 2025, while Binance backed the use of the firm's USD1 stablecoin in a $2 billion investment transaction involving Abu Dhabi investment company MGX, Reuters reported previously.
Arkham blockchain data cited by Reuters showed Binance currently holds approximately $3.8 billion worth of USD1 stablecoins linked to World Liberty Financial.
The Securities and Exchange Commission also settled a civil fraud case against Sun earlier this year for $10 million without an admission of wrongdoing, while Zhao received a presidential pardon in October 2025 after previously pleading guilty to anti-money laundering violations tied to Binance's operations in the United States.
Crypto networks including Tron and BNB Chain remain widely used across the Middle East because they allow fast and relatively inexpensive cross-border transfers at a time when sanctions and banking restrictions continue to limit access to traditional financial systems.
