Iran Crypto Flows Through Tron And BNB Chain Raise Questions Over Trump-Linked Venture
Billions of dollars linked to Iran’s largest cryptocurrency exchange have flowed through blockchain networks associated with two of the crypto industry’s most influential figures, according to blockchain data reviewed by Reuters.
The transactions involve the Tron and BNB Chain networks, created respectively under crypto entrepreneurs Justin Sun and Changpeng Zhao. Both men have also backed World Liberty Financial, the cryptocurrency venture co-founded by U.S. President Donald Trump and his family.
According to Reuters’ analysis of blockchain data from analytics firm Arkham, Iran’s Nobitex exchange processed at least $2.3 billion on Tron and BNB Chain since 2023. The flows reportedly continued during the ongoing conflict involving the United States, Israel and Iran.
Nobitex Transactions Draw Scrutiny
The data showed that more than $2 billion moved through Tron, while at least $317 million was processed on BNB Chain. Since the conflict began in February, at least $22.6 million reportedly moved through Nobitex on BNB Chain and another $550,000 through Tron.
Reuters previously reported that Nobitex is controlled by two brothers from an influential Iranian family with links to the country’s leadership. Under their management, the exchange reportedly became a key component of an alternative Iranian financial system designed to bypass Western sanctions.
The report also stated that users of the exchange included Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC).
John Reed Stark, former chief of the U.S. Securities and Exchange Commission’s Office of Internet Enforcement, described the situation as a “dramatic irony” because platforms linked to Trump-backed crypto ventures were allegedly being used by institutions connected to a country in conflict with the United States.
The White House rejected suggestions of any conflict of interest. Spokeswoman Anna Kelly called attempts to connect Trump to Iran’s banking system “totally laughable” and referred further questions to World Liberty Financial.
A spokeswoman for World Liberty stated that the company has no relationship with Nobitex and complies with U.S. law. She also said World Liberty neither owns nor controls Tron.
Blockchain Networks Defend Their Role
Representatives for Binance and BNB Chain argued that BNB Chain operates as an independent public blockchain maintained by a global validator community rather than by Binance itself.
However, Reuters reviewed corporate filings from Abu Dhabi that reportedly showed ongoing ties between Binance and BNB Chain Technology Holding Limited. The filings listed Zhao as the sole shareholder of the company.
Meanwhile, Tron stated that it functions as a technology provider and cannot monitor every transaction conducted on its network. A spokeswoman said Tron participates in law enforcement initiatives that have frozen “hundreds of millions” in funds tied to sanctioned entities and terror financing.
Nobitex denied maintaining direct ties with the Iranian government and said any illicit transactions occurred without management approval or knowledge.
Indirect Links To Iran’s Central Bank
Crypto analysts cited in the report said the Central Bank of Iran used Tron and BNB Chain to conduct transactions involving the stablecoin tether.
The U.S. sanctioned Iran’s central bank in 2019 over allegations that it funded the IRGC and Hezbollah.
According to blockchain analysis company Elliptic and two Iran-focused crypto specialists, the Iranian central bank purchased more than $500 million worth of tether through Tron between November 2024 and June 2025. Around $347 million reportedly moved to Nobitex during the first half of last year.
Analysts also alleged that the bank used multiple blockchains, including BNB Chain, to obscure transaction trails before routing assets through Nobitex and other exchanges.
Tether confirmed that it froze several wallet addresses associated with Nobitex at Israel’s request. The company added that exchanges and trading platforms remain responsible for regulatory compliance on secondary markets.
Trump Crypto Ties Under Renewed Focus
The report also renewed scrutiny of Trump’s growing involvement in cryptocurrency ventures since returning to the White House in January 2025.
World Liberty Financial launched in October 2024 but initially struggled to attract investors. Justin Sun later invested tens of millions of dollars in the company’s WLFI tokens, helping boost the project’s visibility.
In early 2025, Abu Dhabi investment firm MGX acquired a $2 billion stake in Binance using World Liberty’s USD1 stablecoin. Binance’s support for the token significantly increased its profile in global crypto markets.
Reuters previously reported that the Trump family’s crypto ventures generated hundreds of millions of dollars in income during 2025.
The report also noted that Trump pardoned Binance founder Changpeng Zhao in October 2025, removing his federal conviction related to anti-money-laundering failures. Binance and Zhao’s legal representatives denied any connection between the pardon and Binance’s use of the USD1 stablecoin.
Since returning to office, Trump has introduced several crypto-friendly policies. U.S. regulators have also paused or settled multiple enforcement actions involving major cryptocurrency firms and executives.
Sun currently holds around 4 billion WLFI tokens, valued at roughly $266 million based on Reuters calculations. Arkham data also showed Binance holds approximately $3.8 billion worth of USD1 tokens.
With inputs from Reuters