The Iran-based cryptocurrency exchange Nobitex has transferred more than $2.3 billion through the Tron and BNB Chain networks since early 2023, amid tightening Western sanctions. Data compiled by Reuters from blockchain analytics firms indicates that these massive transactions began at the start of last year. As traditional banking has become sharply restricted by sanctions, Nobitex has increasingly relied on these two blockchain networks to facilitate transfers.
Tether and Iran Central Bank moves grab attention
Blockchain records analyzed by Arkham and Elliptic reveal that the Tron and BNB Chain networks are now some of Nobitex’s main channels for moving funds. Researchers claim that the Central Bank of Iran used Tron alone to transfer more than $500 million in Tether between late 2024 and mid-2025. Part of these funds reportedly first passed through Nobitex before being converted into various other digital assets.
Analysts have occasionally detected digital footprints linked to Iran’s Revolutionary Guard within these transactions. Nobitex has responded by stating it has no direct ties with the Iranian government and asserts that any unlawful transfers happened without its knowledge.
Glossary: Nobitex stands as one of the largest and most actively used domestic crypto exchanges in Iran. The platform enables users to trade various digital assets and serves as an alternative financial channel during times of banking disruption in the country.
Stablecoins as loophole and tool
The report also underscores Tether’s USDT stablecoin and its unique role in sanctions enforcement. Unlike Bitcoin, centrally managed USDT can freeze wallets at the request of authorities. In a notable example, over $344 million tied to Iran-linked Tron addresses was frozen in April 2026, highlighting this control mechanism.
Nevertheless, due to the underlying blockchain architecture, operations can continue on networks like Tron unless a wallet is specifically blacklisted; neither issuers nor governments must directly approve each transfer.
Experts point out that these technical factors have allowed stablecoins to become both an instrument of oversight and a workaround to bypass financial restrictions.
Trump-linked projects and blockchain power struggles
Details emerging around Nobitex and associated transfer chains show that the same blockchain networks have recently intersected with the World Liberty Financial project, backed by former US President Donald Trump and his family. Tron founder Justin Sun and Binance co-founder Changpeng Zhao have been among the leading supporters of this project.
In early 2025, Abu Dhabi-based investment fund MGX entered a deal with World Liberty involving its USD1 stablecoin, accelerating USD1’s market integration. However, relations soured between Justin Sun and World Liberty, resulting in Sun filing an extortion lawsuit in 2026 and the company issuing a counterclaim for reputational damage. Despite these disputes, Sun reportedly still controls billions of WLFI tokens.
Public reactions and official defenses
Representatives for Tron and BNB Chain emphasize that, due to the global and open nature of their blockchains, it is not technically feasible to strictly monitor all transactions worldwide.
Reuters reports that there is no evidence to suggest Donald Trump or his family knew how Nobitex users were utilizing blockchain networks.
The White House has dismissed the notion that Trump’s business associations created conflicts of interest regarding Iran-related financial activities, calling such allegations “unreasonable” and rejecting them unequivocally.
