Image Credit : REUTERS
LONDON — Blockchain networks tied to two of the cryptocurrency industry’s most influential figures have emerged as a common link between Iran’s largest crypto exchange and the Trump family’s flagship digital asset venture, according to an analysis of blockchain data reviewed by Reuters.
The findings reveal that Iran-based crypto platform Nobitex processed at least $2.3 billion through the Tron and BNB Chain networks since 2023. The two blockchains were established by crypto entrepreneurs Justin Sun and Changpeng Zhao — both of whom later became connected to the Trump family-backed crypto project, World Liberty Financial.
Reuters reported that the transaction flows continued even during the recent conflict involving Iran, Israel, and the United States. Blockchain records showed that since the war began in February, more than $22.6 million in crypto assets moved through Nobitex using BNB Chain, while at least $550,000 was transferred via Tron.
There is no indication that President Donald Trump or his family were aware of Nobitex’s activity on the networks. However, analysts say the overlap raises fresh questions about the intersection of private crypto ventures and public office.
John Reed Stark, former head of the SEC’s Office of Internet Enforcement, described the situation as a “dramatic irony,” noting that platforms linked to the president’s business network were simultaneously being used by entities connected to a country under heavy U.S. sanctions.
The White House dismissed the allegations. Spokeswoman Anna Kelly called Reuters’ reporting “totally laughable” and denied any conflict of interest involving Trump’s businesses. A representative for World Liberty Financial also stated that the company has no operational control over Tron and follows U.S. laws and compliance standards.
According to Reuters’ analysis of blockchain data from crypto intelligence firm Arkham, Nobitex handled more than $2 billion through Tron since January 2023 and at least $317 million through BNB Chain over the same period.
Nobitex has previously been linked to sanctioned Iranian institutions. Reuters earlier reported that the exchange was controlled by two brothers tied to a powerful Iranian family with close connections to the country’s leadership. The platform has reportedly been used by Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC) as part of efforts to bypass Western sanctions.
Crypto investigators cited in the report said the real volume of transactions could be significantly higher because Nobitex frequently changes wallet addresses to make transfers harder to trace.
Representatives for BNB Chain and Binance argued that the blockchain operates independently as a decentralized public network. Nevertheless, corporate records reviewed by Reuters reportedly show ongoing links between Binance and BNB Chain Technology, including ownership ties involving Zhao.
Meanwhile, relations between Tron founder Justin Sun and World Liberty Financial have deteriorated in recent months. Sun filed a lawsuit against the Trump-linked venture in April, accusing it of extortion connected to investments in its stablecoin project. World Liberty later countersued, alleging defamation.
Tron representatives told Reuters that the network functions as a technology provider and cannot monitor every transaction conducted on its blockchain. The company added that it has cooperated with law enforcement initiatives aimed at freezing funds linked to sanctions violations and terrorism financing.
Nobitex denied having direct ties to the Iranian government and said any illicit activity conducted through the platform occurred without management approval or knowledge.
The report also highlighted the growing relationship between the Trump family and the crypto sector since Trump’s return to the White House in 2025. World Liberty Financial reportedly generated hundreds of millions of dollars through various crypto ventures, while investments from Sun and other major industry players helped strengthen the company’s market position.
In another development cited by Reuters, Abu Dhabi investment firm MGX acquired a $2 billion stake in Binance using World Liberty’s USD1 stablecoin, a move that significantly boosted the token’s visibility in global crypto markets.
Reuters also noted that Trump pardoned Zhao in October 2025, clearing the Binance founder’s federal conviction tied to anti-money-laundering compliance failures. Lawyers representing Binance and Zhao denied any connection between the pardon and the use of World Liberty’s stablecoin in the MGX transaction.
