Expert US stock management team analysis and board composition review for governance quality assessment. We analyze leadership track record and board effectiveness to understand the quality of decision-makers at your portfolio companies. A Reuters investigation reveals that Iran’s largest cryptocurrency exchange, Nobitex, has moved at least $2.3 billion since 2023 using Tron and BNB Chain—the same blockchain networks that lent early credibility to President Donald Trump’s digital currency venture. The analysis highlights how these two major blockchains serve as conduits for both sanctioned Iranian money and a high-profile U.S. political crypto project.
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- Nobitex, Iran’s largest crypto exchange, has processed at least $2.3 billion since 2023 using Tron and BNB Chain. These blockchains act as conduits for moving funds.
- Tron and BNB Chain are controlled by Justin Sun and Changpeng Zhao, respectively. Both blockchains charge fees for transaction processing and record-keeping.
- The same two blockchain networks played a role in lending early credibility to President Trump’s crypto venture, according to Reuters’ analysis.
- The findings highlight how crypto infrastructure is used by both sanctioned Iranian entities and high-profile U.S. political projects, raising questions about regulatory oversight and compliance.
- The movement of Iranian funds via these blockchains occurred during the U.S. and Israeli military campaign against Iran, indicating continued financial flows despite sanctions.
- The investigation underscores the challenges of enforcing sanctions in decentralized blockchain ecosystems, where transaction data is public but ownership can be obscured.
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Key Highlights
According to data analyzed by Reuters, Iran’s Nobitex exchange has processed at least $2.3 billion on the Tron and BNB Chain blockchains since 2023. These networks were established respectively by crypto billionaires Justin Sun and Changpeng Zhao. Users of Tron and BNB Chain pay fees to use the blockchains, which function as secure, tamper-resistant ledger systems.
The report, published on May 18, 2026, notes that Iranian money has continued moving through these two digital ledgers during the ongoing U.S. and Israeli conflict with Iran. Simultaneously, from the early stages of President Trump’s flagship digital currency venture, the same two blockchain networks provided a credibility boost to the startup. The overlap underscores the intertwined nature of global crypto infrastructure, where the same networks can serve both sanctioned entities and politically connected projects.
Reuters reporters Tom Wilson and Gavin Finch contributed to the exclusive investigation, which draws on on-chain transaction data and industry network analysis.
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Expert Insights
The Reuters analysis points to a complex reality in the digital asset space: the same blockchain networks that offer transparency and efficiency can also serve actors subject to international sanctions. Industry observers note that while blockchains like Tron and BNB Chain are not inherently designed for illicit activity, their permissionless nature may create compliance challenges for global regulators.
The involvement of Trump’s venture—reported to have used the same networks for early-stage credibility—illustrates how political and regulatory exposure can vary widely across projects. Legal experts suggest that such overlaps may prompt renewed scrutiny of blockchain protocols and their governance structures, particularly regarding know-your-customer (KYC) and anti-money laundering (AML) practices.
For the broader crypto market, this news could potentially influence investor sentiment around regulatory risk. If authorities intensify their focus on specific blockchains due to sanctioned activity, the cost of compliance for legitimate projects using those networks may increase. However, no immediate regulatory actions have been announced, and the networks continue to operate normally.
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