Iran's Crypto Exchange Taps into Global Networks Amid US Sanctions

Nobitex, Iran's largest crypto exchange, has processed billions of dollars in transactions on Tron and BNB Chain, two blockchains backed by prominent crypto players. The same networks were also used by institutions in a country the US is at war with, raising concerns about potential conflicts of interest involving President Trump's family business interests.

The investigation by Reuters found that Nobitex has processed at least $2.3 billion in transactions on Tron and BNB Chain since 2023. This includes transactions worth at least $550,000 via Tron during the US and Israeli war against Iran.

Tron's founder, Justin Sun, and Binance's CEO, Changpeng Zhao, have both been involved with World Liberty Financial, a crypto firm co-founded by President Trump and his family. The firm has used the credibility of these networks to promote its own stablecoin.