New blockchain analyses from Chainalysis and Reuters have uncovered a staggering flow of digital assets tied to Iran’s Islamic Revolutionary Guard Corps (IRGC) and the country’s largest crypto exchange, Nobitex. IRGC-linked wallets received at least $3 billion in 2025, while Nobitex processed over $2.3 billion via the Tron and BNB Chain networks since 2023, highlighting the growing use of stablecoins to evade international sanctions.
Chainalysis Report: $3 Billion to IRGC Wallets
Blockchain intelligence firm Chainalysis reported that wallets connected to the IRGC received a minimum of $3 billion in digital assets during 2025. This figure, based on publicly traceable on-chain activity, is a conservative estimate; the actual amount is likely much higher due to privacy tools, mixers, and off-chain transactions. The inflows represent roughly 50% of Iran’s total virtual asset trading volume in Q4 2025, suggesting state-aligned actors now dominate the local crypto economy. Notably, stablecoins—such as tether (USDT) and USDC—accounted for the majority of these inflows, offering price stability and faster settlement than Bitcoin, while bypassing the U.S. dollar banking system.
Nobitex Flows on Tron and BNB Chain
A separate Reuters analysis of Arkham blockchain data revealed that since January 1, 2023, Nobitex has moved more than $2 billion on the Tron network and at least $317 million on BNB Chain. The exchange has been used by Iran’s central bank and the IRGC, both under Western sanctions. During the U.S.–Israel war against Iran that began in February 2026, $22.6 million in crypto flowed through Nobitex on BNB Chain and $550,000 via Tron.
Stablecoins as a Sanctions Workaround
Iran’s central bank alone purchased over $500 million of tether (USDT) on Tron between November 2024 and June 2025, according to Elliptic and Reuters sources, with $347 million of that sent to Nobitex. Analysts note the true volume is likely higher because Nobitex frequently changes wallet addresses to thwart tracing. The use of stablecoins on public blockchains creates a direct challenge for sanctions enforcement, as transactions can occur without traditional banking choke points.
Political Overlap with Trump’s Crypto Venture
The revelations carry political sensitivity because Tron founder Justin Sun and Binance—the firm behind BNB Chain—were prominent backers of World Liberty Financial, the crypto startup co-founded by President Donald Trump and his family. While there is no evidence the Trump family knew of Nobitex’s activities, the connections underscore how crypto networks can intertwine sanctioned finance with politically exposed ventures. Former SEC enforcement chief John Reed Stark called it “dramatic irony,” noting that the entities using these platforms are those the U.S. is trying to defeat. The White House dismissed any link as “laughable,” and World Liberty Financial stated it has no relationship with Nobitex and complies with U.S. law.
Network Operators Deny Control
Both Tron and BNB Chain maintain they do not control or monitor all transactions. BNB Chain emphasized it is a permissionless blockchain run by independent validators, while Binance said it was merely an initial contributor. Tron stated it cannot investigate every user and pointed to its law enforcement collaboration, including freezing hundreds of millions in funds tied to sanctioned entities. Nevertheless, Reuters found corporate records in Abu Dhabi showing Binance founder Changpeng Zhao as the sole listed shareholder of BNB Chain Technology Holding Limited, indicating ongoing ties.
These findings place Tron, BNB Chain, and the stablecoin ecosystem under renewed scrutiny, raising significant compliance and reputational risks for projects and investors connected to these networks.
