Exclusive-How Trump's crypto venture and Iran's top exchange tapped into the same industry networks
Iran's largest cryptocurrency exchange, Nobitex, has processed billions of dollars through blockchain networks established by figures who are also prominent backers of World Liberty Financial, a crypto venture co-founded by Donald Trump and his family. This connection highlights an intersection of global finance, sanctions evasion, and U.S. political interests, according to data analyzed by Reuters.
Since 2023, Nobitex has processed at least $2.3 billion on the Tron and BNB Chain blockchains. These networks were established by crypto billionaires Justin Sun and Changpeng Zhao, respectively. Sun and Binance, the crypto exchange founded by Zhao, are identified as prominent early backers of World Liberty Financial.
Nobitex's transactions since January 1, 2023, include approximately $2 billion on Tron and $317 million on BNB Chain. Four crypto analysts, including two specializing in Iran's use of digital assets, reviewed Reuters' calculations.
World Liberty Financial, co-founded by Donald Trump and members of his family, was launched in 2024. Donald Trump and his three sons reportedly have around $1 billion tied to the venture. Steve Witkoff, Trump’s special envoy for peace, along with his sons Alex and Zach, are also involved, with Zach Witkoff serving as CEO.
There is no suggestion that the Trump family was aware of Nobitex's use of the Tron and BNB Chain networks. A spokeswoman for World Liberty Financial stated that the company "has no relationship with Nobitex and follows U.S. law." The spokeswoman added that "World Liberty does not own, operate, or control Tron in any way, and has no authority over transactions conducted on it."
John Reed Stark, former chief of the U.S. Securities and Exchange Commission’s Office of Internet Enforcement, commented on the situation, calling the use of these blockchains by institutions in a country the United States considers "at war with" a "dramatic irony."