Reuters: Iranian crypto transactions linked to networks backing Trump venture

Iran’s largest cryptocurrency exchange, Nobitex, has processed billions of dollars through blockchain networks created by some of the crypto industry’s most influential figures, according to data analysed by Reuters, highlighting the growing intersection of global finance, sanctions evasion, and US political interests.

Reuters reported that Nobitex processed at least $2.3 billion since 2023 through the Tron and BNB Chain blockchains, which were established respectively by crypto billionaire Justin Sun and Binance founder Changpeng Zhao. Both blockchain networks charge transaction fees and function as secure digital ledgers for cryptocurrency transfers.

The transactions reportedly continued even during the ongoing US and Israeli conflict with Iran.

Sun and Binance — the crypto exchange founded by Zhao — are also prominent backers of World Liberty Financial, the cryptocurrency venture co-founded by US President Donald Trump and members of his family.

Reuters noted there is no indication that the Trump family was aware of Nobitex’s use of the Tron and BNB Chain networks. However, the report said the transactions underscore concerns about potential conflicts of interest tied to the Trump family’s extensive international business dealings.

“The use of the blockchains by institutions in a country the United States is at war with is a ‘dramatic irony,’” said John Reed Stark, former chief of the US Securities and Exchange Commission’s Office of Internet Enforcement. “The entities doing crypto financing through these platforms are the very ones that the president is trying to defeat in the war.”

According to Reuters, Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC) — both under Western sanctions — have used Nobitex to process funds.

The White House rejected suggestions of any conflict of interest. “Reuters’ bizarre attempts to link President Trump to Iran’s banking system are totally laughable,” White House spokeswoman Anna Kelly said, referring further questions to World Liberty Financial.

A spokeswoman for World Liberty Financial stated that the company has no relationship with Nobitex and complies fully with US law.

“World Liberty does not own, operate, or control Tron in any way, and has no authority over transactions conducted on it,” she said.

Public blockchain data compiled by crypto analytics firm Arkham and analysed by Reuters showed that Nobitex processed more than $2 billion on the Tron network since January 1, 2023. The exchange also processed at least $317 million through BNB Chain during the same period.

Since the outbreak of the Iran war in February, Reuters reported that at least $22.6 million in cryptocurrency moved through Nobitex on BNB Chain, while at least $550,000 passed via Tron.

Earlier Reuters investigations identified Nobitex as being controlled by two brothers from a powerful Iranian family with close ties to Iran’s new supreme leader. Under their leadership, the exchange reportedly evolved into a major component of a parallel financial system used by Iran to circumvent Western sanctions.

Reuters previously reported in 2022 that approximately $7.8 billion in cryptocurrency flowed between Nobitex and Binance from 2018 to 2022, with nearly three-quarters of the Iranian funds transferred in Tron’s cryptocurrency. The report also said Nobitex had encouraged users to utilise Tron’s cryptocurrency for anonymous transactions without “endangering assets due to sanctions.”

Four cryptocurrency analysts reviewed Reuters’ calculations regarding Nobitex’s $2.3 billion transaction volume through Tron and BNB Chain and said the methodology appeared sound.

Independent researcher Rich Sanders, who specialises in Iran’s use of digital assets, said the actual figure could be substantially higher because only publicly identified wallet addresses linked to Nobitex can currently be traced. Reuters noted that Nobitex has publicly acknowledged rotating wallet addresses to make tracking and interception more difficult.

Binance and BNB Chain both denied direct operational control over the blockchain network.

“BNB Chain is a public, permissionless blockchain maintained by an independent global community of validators,” BNB Chain spokeswoman Ana Nicoara said in a statement to Reuters. “It is not an exchange, not a company, and not Binance.”

A Binance spokesperson added that the company had served only as “an initial contributor and incubator” to BNB Chain and provided early operational support. According to the spokesperson, operational control and intellectual property linked to the BNB Chain website were transferred to BNB Chain Technology Holding Limited in 2023.

Separately, Iranian Foreign Minister Abbas Araqchi said Tehran maintained strong ties with China and welcomed any diplomatic role Beijing could play in easing tensions.

“We have very good relations with China,” Araqchi said. “We are strategic partners, and we know that the Chinese have good intentions. So, anything they can do to help diplomacy would be welcomed.”

Araqchi added: “We hope that, with the advancement of negotiations, we will reach a good conclusion so that the Strait of Hormuz can be completely secured and we can expedite the normalisation of traffic through the strait.”

By Vafa Guliyeva