Iran’s leading cryptocurrency exchange, Nobitex, has reportedly processed trades worth millions on Tron (CRYPTO: TRX) and BNB Chain (CRYPTO: BNB) since the beginning of the war, according to a report published on Monday.
Tron, Binance Used As Conduits?
Since the Iran war started in late February, cryptocurrency worth at least $22.6 million has moved through Nobitex on BNB Chain, and at least $550,000 has moved via Tron, Reuters reported.
Further analysis indicated that, from January 2023 onward, Nobitex—widely used by sanctioned Iranian institutions as well as ordinary citizens—processed in excess of $2 billion on the Tron network and approximately $317 million on the BNB Chain.
Tron was created by Justin Sun, a Chinese-born cryptocurrency billionaire, who maintained deep ties with World Liberty Financial, a decentralized finance platform owned by the Trump family. However, the relationship has turned sour lately, leading to lawsuits initiated by both parties.
Similarly, Binance chose World Liberty Financial’s dollar-pegged stablecoin USD1 to close a $2 billion deal with Abu Dhabi investment firm MGX last year. Binance’s convicted co-founder Changpeng “CZ” Zhao was later pardoned by Trump.
The report explicitly stated that it does not suggest the Trump family was aware of Nobitex’s use of Tron and BNB Chain.
A World Liberty Financial spokesperson told Benzinga that the company has nothing to do with Nobitex or any transactions involving the platform.
Tron said that it cannot “monitor and investigate every user and every transaction” on the chain, and the means to monitor and block illicit activity “lie elsewhere.”
It, however, pointed to its initiatives, such as the T3 Financial Crime Unit, to freeze funds tied to sanctioned entities and terror financing.
Binance didn’t immediately return a request for comment.
A Red Signal For US?
Nobitex has been under increased scrutiny from U.S. regulators and policymakers for its continued operations during wartime. The platform reportedly handles about 70% of Iran’s cryptocurrency activity and claims to serve roughly 11 million users.
Earlier probes suggest that transactions totaling tens to hundreds of millions of dollars are connected to sanctioned Iranian entities, such as the Central Bank of Iran and the Islamic Revolutionary Guard Corps.
Sen. Elizabeth Warren (D-Mass.) described the findings as a “flashing red light,” warning that digital assets are increasingly being used to bypass the U.S.-led financial system.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Alexandru Nika on Shutterstock.com
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