An investigation by analysts has once again put Nobitex at the center of the sanctions agenda. The largest crypto exchange in Iran has moved at least $2,.3 billion through Tron and BNB Chain since the start of 2023, becoming one of the main channels for the movement of digital assets within the country. The story gained additional political weight because these networks are associated with Justin Sun and Changpeng Zhao, who previously supported World Liberty Financial, a crypto project of the Trump family.
For Washington, this connection looks especially awkward against the backdrop of the US and Israel war against Iran. US authorities are trying to limit Tehran’s financial capabilities, but part of Iran’s crypto turnover continued to pass through public blockchains. As a result, a typical story about transactions turned into a debate about sanctions, stablecoins, and the political influence of the crypto industry.
Main Flow Went Through Tron
The main route for the exchange’s operations was the Tron network. Through it, according to the investigation, since 2023 more than $2 billion has passed. At least another $317 million was processed through BNB Chain, and after the start of the war between the US and Iran in February, through these networks tens of millions of dollars moved.
This structure is not accidental. Tron has long been used for USDT transfers in countries where access to international banks is limited or associated with sanctions risks. Low fees, fast settlements, and high stablecoin liquidity have made the network a convenient tool for users who need a workaround outside the traditional banking system.
Nobitex denies any direct connection with Iranian authorities and claims that illegal operations could have occurred without management’s knowledge. At the same time, investigators say that not only private clients but also sanctioned entities used the platform. This is what makes the story more serious than a typical crypto exchange compliance dispute.
Binance and Tron Have Already Appeared in Iranian Flows
This story did not appear out of nowhere. Previously, analysts had already noted that from 2018 to 2022, about $7.8 billion in cryptocurrencies may have moved between Nobitex and Binance. A significant portion of these operations, according to investigations, also went through Tron.
For the market, this is an important recurring pattern. When users need fast settlements in dollar stablecoins without banking intermediaries, they often choose networks with minimal fees and high accessibility. That is why Tron has become one of the main routes for cross-border USDT movement in countries with strict financial restrictions.
According to the investigation, Nobitex may have directly pointed out to clients the advantages of Tron assets for more private trading and reducing the risk of sanctions-related blocks. Even if the network itself does not control users directly, its infrastructure ends up embedded in sensitive financial routes.
Political Conflict Has Become More Important Than the Transactions Themselves
The most acute point is not about technology, but about politics. Tron and BNB Chain are public blockchains where transactions are processed without manual approval from companies or individual entrepreneurs. But in this case, what matters is not only the technical architecture, but also who the market associates these networks with.
Justin Sun and Changpeng Zhao previously supported World Liberty. Therefore, the use of Tron and BNB Chain by Iranian users during the conflict has become a reason for criticism. A former SEC representative called the situation “dramatic irony,” since financial flows pass through infrastructure associated with figures from Trump’s crypto circle.
Trump’s company denied any connection with Nobitex. The company stated that it does not own Tron, does not manage the network, and cannot control transactions on a public blockchain. The White House also called attempts to connect Trump to Iran’s financial system unfounded.
Open Networks Again Face the Question of Responsibility
The position of Tron and BNB Chain is that they are technological infrastructure, not financial intermediaries. BNB Chain representatives emphasize that the network is supported by independent validators and is not Binance. Tron also notes that it cannot check every transaction in real time.
However, regulators see the problem differently. If funds from sanctioned entities pass through public networks, authorities expect more active control from market participants. Especially when it comes to stablecoins, which effectively replace dollar settlements in countries with limited access to the banking system.
Tron reports cooperation with law enforcement and the freezing of hundreds of millions of dollars, including assets linked to sanctioned addresses and terrorist financing. But the conflict itself remains unresolved. An open network cannot operate as a bank, but regulators are increasingly demanding a similar level of control.
The Central Bank of Iran May Have Used USDT
The investigation paid special attention to Tether operations. According to analysts and Iranian crypto market experts, the Central Bank of Iran may have purchased over $500 million in USDT through Tron from November 2024 to June 2025. Part of these funds, according to researchers, was then sent to Nobitex and other platforms.
For the US, this is one of the most sensitive episodes. The Central Bank of Iran has been under US sanctions since 2019 due to accusations of financing the Islamic Revolutionary Guard Corps and Hezbollah. If such entities really used stablecoins to move funds, pressure on issuers and exchanges may increase.
Tether has already stated that it froze several addresses linked to Nobitex after a request from Israel. The company also emphasized that trading platforms themselves must comply with requirements when tokens circulate on the secondary market.
Stablecoins Are Becoming Part of Sanctions Policy
The Nobitex story shows that stablecoins have finally moved beyond crypto exchanges and DeFi. They have become a settlement tool for regions where banks are slow, expensive, or unavailable due to sanctions. This makes USDT and other digital dollars an important part of the global financial infrastructure, but at the same time increases political risks.
For users, such tools provide speed and access to dollar liquidity. For authorities, they look like a channel for bypassing restrictions. That is why stablecoins are increasingly at the center of investigations related to sanctions, terrorism, and international conflicts.
In the coming years, this conflict will only intensify. The greater the role of stablecoins in international settlements, the tougher the pressure will be on issuers, exchanges, and public networks.
What's Next?
The Reuters investigation has intensified the main question for the crypto industry: who should be responsible for the movement of funds in open blockchains. Exchanges can check clients, stablecoin issuers can freeze specific addresses, but the networks themselves remain public infrastructure without centralized control over every transfer.
For Tron, BNB Chain, and Tether, this story could mean a new wave of attention from regulators. Especially if US authorities and allies continue to link crypto flows to Iran’s sanctioned entities. The industry will have to prove that open infrastructure does not mean a lack of control, and this is becoming increasingly difficult amid military conflicts and political investigations.
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