Donald Trump, World Liberty Financial, Iran's largest crypto exchange Nobitex and blockchain networks linked to crypto billionaires Justin Sun and Changpeng Zhao are facing renewed scrutiny after a Reuters investigation found billions of dollars in Iranian crypto transactions moved through networks associated with Trump-aligned digital asset ventures during the ongoing Iran conflict.
According to Reuters, blockchain records analyzed by investigators showed Nobitex processed at least $2.3 billion through the Tron and BNB Chain networks since 2023. The activity reportedly continued during the recent conflict period, including more than $22.6 million routed through BNB Chain and over $550,000 through Tron-linked infrastructure after fighting escalated in late February.
The report adds pressure to the Trump administration as it continues pursuing a sharply more crypto-friendly regulatory approach since returning to office in January 2025. While Reuters said there is "no indication" the Trump family knew Nobitex was using the networks, the findings nevertheless place Trump-connected crypto figures closer to sanctions-sensitive financial flows tied to Iran's isolated economy.
Nobitex has become one of the most important digital financial gateways inside Iran, where sanctions and banking restrictions have pushed businesses and institutions toward cryptocurrency networks for cross-border transfers. Reuters previously reported that the exchange was founded by brothers linked to one of Iran's most influential families and has allegedly been used by entities tied to Iran's central bank and the Islamic Revolutionary Guard Corps, both of which remain under Western sanctions.
Blockchain investigators told Reuters the true transaction volume connected to Nobitex may be substantially higher because the exchange regularly rotates wallet addresses to obscure transaction tracking.
Independent crypto analyst Rich Sanders told Reuters that only part of the exchange's wallet infrastructure is publicly visible, complicating efforts to determine the full scale of the activity.
The controversy also revives longstanding concerns surrounding Tron and BNB Chain, which have become dominant tools for low-cost stablecoin transfers across sanctioned economies.
Reuters previously reported that approximately $7.8 billion moved between Nobitex and Binance between 2018 and 2022 despite U.S. sanctions targeting Iran. Much of that activity reportedly involved Tron-based assets and Tether stablecoins.
Additional blockchain analysis from Elliptic found Iran's central bank acquired more than $500 million worth of Tether on the Tron blockchain between late 2024 and mid-2025. According to the firm, hundreds of millions of dollars in those digital assets passed through Nobitex-linked channels.
The issue is politically sensitive because both Justin Sun and Changpeng Zhao became closely tied to Trump-aligned crypto projects after the president returned to office.
Reuters previously reported Binance supported the use of World Liberty Financial's USD1 stablecoin in a $2 billion investment transaction involving Abu Dhabi-based MGX. Arkham blockchain data cited by Reuters showed Binance currently holds roughly $3.8 billion worth of USD1 stablecoins connected to World Liberty Financial.
At the same time, Sun's relationship with World Liberty Financial has deteriorated publicly. In April, Sun sued the company over alleged extortion tied to a stablecoin investment project. World Liberty later filed a countersuit accusing Sun of defamation.
The regulatory backdrop surrounding the key figures has also shifted dramatically under Trump's administration.
Key developments include:
- Zhao received a presidential pardon in October 2025 after previously pleading guilty to anti-money laundering violations tied to Binance's U.S. operations.
- The U.S. Securities and Exchange Commission settled a civil fraud case against Sun earlier this year for $10 million without requiring an admission of wrongdoing.
- The Trump administration has simultaneously promoted expanded crypto adoption while loosening parts of the federal enforcement approach toward digital assets.
Binance and BNB Chain told Reuters that BNB Chain functions independently as a decentralized public blockchain and is not directly controlled by Binance. Reuters, however, cited corporate filings showing continuing ownership links between Zhao and BNB Chain Technology Holding Limited.
Tether said several Nobitex-linked wallets had been frozen at Israel's request and emphasized that exchanges themselves remain responsible for compliance obligations tied to secondary-market transactions.
