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Iran's largest cryptocurrency exchange has funneled billions of dollars through blockchain networks created by two industry billionaires who are also prominent backers of President Donald Trump's crypto venture, according to a Reuters analysis. The report, carried by the Jerusalem Post and The Hindu, found that Nobitex has processed at least $2.3 billion since 2023 on Tron and BNB Chain—platforms established by Justin Sun and Changpeng Zhao, respectively.

The transactions have continued during the U.S. and Israeli military campaign against Iran, raising questions about the intersection of American foreign policy and the president's personal business interests.

Coverage Comparison

Both the Jerusalem Post and The Hindu presented nearly identical accounts based on Reuters' investigative reporting, emphasizing the potential conflict of interest posed by the overlap between the Trump family's crypto ventures and blockchain networks used by an adversary. Neither outlet indicated that the Trump family had knowledge of Nobitex's use of these platforms.

The Jerusalem Post framed the story with a focus on the "dramatic irony" of Iranian money moving through networks tied to Trump's associates while the U.S. is at war with Tehran. The Hindu similarly highlighted the "conflicted position" of the presidency, though with a slightly more neutral tone. Neither source reported any direct evidence of wrongdoing by the Trump family or the companies involved.

Key Claims

According to the Reuters analysis, several key claims emerge:

  • Nobitex, Iran's largest crypto exchange, processed at least $2.3 billion in transactions on Tron and BNB Chain since 2023.
  • Tron and BNB Chain are blockchains established by crypto billionaires Justin Sun and Changpeng Zhao.
  • Iranian funds have continued to move through these networks during the U.S.-Israeli war against Iran.
  • Sun and Binance—the exchange owned by Zhao—are backers of World Liberty Financial, the crypto firm co-founded by Trump and his family.
  • The Trump family has launched multiple crypto businesses, including World Liberty, generating hundreds of millions of dollars in income in 2025.
  • Trump pardoned Zhao, who had been convicted of failing to maintain an effective anti-money-laundering program at Binance.
Some additional claims, reported by a single source and not yet independently verified, include: the Central Bank of Iran purchasing more than $500 million in Tether via Tron between November 2024 and June 2025; Sun investing in Trump's meme coin and using his platforms to promote World Liberty's second cryptocurrency, USD1; and Binance holding $3.8 billion of the Trump token.

Perspectives

The Reuters report quotes John Reed Stark, a former chief of the SEC's Office of Internet Enforcement, who called the situation a "dramatic irony." "The entities doing crypto financing through these platforms are the very ones that the president is trying to defeat in the war," Stark said.

The White House dismissed the report. "Reuters' bizarre attempts to link President Trump to Iran's banking system are totally laughable," said Anna Kelly, a White House spokeswoman, referring further questions to World Liberty.

A spokeswoman for World Liberty said the company has no relationship with Nobitex or the Iranian government, though the full statement was not available in the source extracts.

The report comes amid broader scrutiny of the Trump family's crypto ventures, which have grown rapidly since 2025. While both Sun and Zhao have faced regulatory scrutiny in the past—Zhao was convicted and later pardoned by Trump—no allegations have been made that they acted improperly in their dealings with World Liberty or with Iranian entities.