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How Iran’s leading exchange and Trump’s cryptocurrency business used the same industrial networks

How Iran's leading exchange

The growing intersection between cryptocurrency, geopolitics and presidential business interests has come under renewed scrutiny after blockchain data showed that Iran’s largest cryptocurrency exchange, Nobitex, processed at least $2.3 billion through the Tron and BNB Chain networks since 2023.

The transactions, analyzed using public blockchain records, highlight how digital financial systems continue to operate across geopolitical fault lines—even as tensions between Iran, the United States and Israel escalate.

The revelations have also drawn attention because both blockchain ecosystems are tied to major figures who later became supporters of World Liberty Financial, the crypto venture launched by U.S. President Donald Trump and members of his family.

While there is no indication that Trump’s businesses were aware of Nobitex’s activity or involved in the transactions, the development underscores the increasingly complex overlap between private commercial interests and public office in the crypto era.

Nobitex Emerges as a Key Player in Iran’s Digital Financial System

Founded as a domestic cryptocurrency exchange, Nobitex has grown into Iran’s dominant digital asset platform, becoming an important gateway for crypto trading inside the country.

The exchange plays a significant role in Iran’s alternative financial ecosystem at a time when Western sanctions continue to limit access to global banking networks.

Blockchain analysis indicates that since January 2023, Nobitex users moved more than $2 billion through the Tron blockchain, while an additional $317 million flowed through BNB Chain, bringing the combined total above $2.3 billion.

The transactions continued even after the outbreak of the recent Iran conflict.

Since hostilities escalated earlier this year, blockchain records indicate that approximately $22.6 million moved through BNB Chain, while at least $550,000 traveled through Tron-linked channels.

Industry researchers believe the actual volume could be considerably higher because blockchain tracing only captures wallet addresses publicly linked to Nobitex.

Iranian exchanges have previously acknowledged rotating wallet addresses to make transactions harder to trace.

Understanding Tron and BNB Chain

The crypto networks at the center of the discussion are not exchanges themselves but blockchain infrastructures—digital ledgers that record transactions and support the transfer of cryptocurrencies.

Tron, created by crypto entrepreneur Justin Sun, became one of the fastest-growing blockchain ecosystems due to its low transaction fees and efficiency in moving stablecoins such as Tether.

BNB Chain, initially developed within the Binance ecosystem, similarly evolved into a major blockchain platform supporting decentralized finance and digital asset transfers.

Users pay fees to process transactions across both networks.

These systems operate publicly and are designed as permissionless infrastructures, meaning anyone can interact with them without centralized approval.

Representatives connected to both ecosystems maintain that they function as open technologies rather than managed financial platforms.

Spokespeople associated with BNB Chain emphasized that the network operates independently through global validators and is not directly controlled by Binance.

Tron representatives similarly stated that the network acts as technology infrastructure and cannot individually review every transaction taking place on-chain.

Links to Trump-Backed Crypto Venture Draw Attention

The issue gained broader political significance because Justin Sun and figures connected to Binance later emerged as supporters of World Liberty Financial, the crypto company co-founded by Trump and his family.

World Liberty launched during Trump’s broader embrace of cryptocurrency as part of his second-term economic agenda.

The project initially struggled to gain momentum after its launch but later attracted major investors.

Sun became one of its earliest supporters, investing heavily in WLFI tokens, providing credibility and visibility to the startup during its early stages.

Separately, Binance later supported the rollout of USD1, a stablecoin linked to World Liberty’s ecosystem.

The developments strengthened connections between leading crypto figures and Trump-affiliated digital ventures.

Critics argue that these overlapping relationships create difficult questions regarding conflicts of interest when private business operations intersect with geopolitical events.

The White House has rejected such concerns, arguing there is no connection between Trump’s businesses and Iranian financial activity.

Officials described attempts to link the president’s crypto ventures to Iranian transactions as unfounded.

Iran’s Use of Crypto Reflects Broader Sanctions Strategy

For years, Iran has increasingly turned toward digital assets as sanctions complicated access to conventional financial systems.

Cryptocurrency offers an alternative channel for moving value internationally without relying on banks.

Researchers tracking sanctions evasion say digital assets have become part of a wider effort by sanctioned economies to reduce dependence on traditional payment networks.

Analysts specializing in Iran’s crypto ecosystem say institutions connected to the country increasingly adopted stablecoins—particularly Tether (USDT)—because of their dollar-pegged value and global liquidity.

Reports indicate the Central Bank of Iran acquired more than $500 million in Tether through Tron-based transactions between late 2024 and mid-2025.

Investigators say portions of those assets later moved through exchanges including Nobitex.

The Iranian central bank has faced U.S. sanctions since 2019.

Analysts also claim digital asset movements involved entities linked to the Islamic Revolutionary Guard Corps (IRGC), another sanctioned institution.

Neither Iranian authorities nor related organizations publicly commented on the claims.

Blockchain Transparency Creates Both Visibility and Challenges

Unlike traditional banking systems, cryptocurrency transactions are recorded permanently on public blockchains.

This transparency allows analysts to reconstruct financial flows years after they occur.

However, tracing activity remains difficult because users can generate new wallet addresses endlessly.

Researchers argue this creates a paradox:

Blockchain networks are transparent by design, yet identifying who controls wallets often requires external intelligence.

Experts tracking Iranian activity believe known Nobitex addresses likely represent only part of total flows.

Some analysts estimate real transaction volumes may significantly exceed current public calculations.

Crypto Industry Faces Growing Regulatory Questions

The revelations arrive as governments worldwide debate how to regulate decentralized finance.

Supporters argue blockchains are neutral technologies similar to the internet and cannot discriminate between users.

Critics counter that open systems can become tools for sanctions avoidance, illicit finance and geopolitical maneuvering.

Questions surrounding compliance responsibilities remain unresolved.

Tether, issuer of the world’s largest stablecoin, stated that it freezes wallets when required by authorities and had restricted several addresses associated with Nobitex following requests linked to Israeli investigations.

The company added that exchanges and trading platforms hold primary responsibility for compliance in secondary-market activity.

A Crypto-Friendly White House Changes the Landscape

Trump’s return to office accelerated the political mainstreaming of digital assets.

His administration adopted a notably crypto-friendly stance, promoting innovation and easing regulatory pressure on parts of the sector.

At the same time, Trump-linked ventures expanded rapidly.

The Trump family entered multiple crypto businesses ranging from tokens and stablecoins to broader financial platforms.

These ventures generated significant attention and investment.

Supporters view the strategy as positioning the United States as a global digital finance leader.

Critics argue it blurs the line between public leadership and private gain.

The issue intensified after regulatory agencies softened enforcement approaches and settled several high-profile crypto cases.

Meanwhile, Binance continued integrating World Liberty’s stablecoin ecosystem into its trading infrastructure.

Blockchain data later showed billions in holdings tied to Trump-associated digital assets.

Digital Finance Meets Geopolitical Reality

The Nobitex transactions reveal more than just cryptocurrency activity.

They illustrate how digital finance increasingly operates independently of geopolitical divisions.

Even as sanctions intensify and conflicts escalate, blockchain networks continue processing transactions globally without borders.

For governments, that raises difficult questions about enforcement.

For crypto advocates, it demonstrates resilience and decentralization.

For policymakers, however, the overlap between political leadership, private ventures and global financial systems may become one of the defining debates of the next phase of digital finance.

As cryptocurrency moves deeper into mainstream politics and international commerce, the Nobitex case highlights a new reality: geopolitical conflicts no longer unfold only through banks, trade routes and diplomacy—they increasingly play out on blockchain ledgers visible to the entire world.

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Politics

Trump’s deportation push forces dozens of LGBT migrants onto hostile terrain

By George Mensah 6 min read

The United States has deported at least 40 LGBT migrants who had won legal protection from persecution to African countries that criminalise same-sex relations or have been described by the State Department as hostile to LGBT people, according to a Reuters investigation. The cases date from the Trump administration’s expanded use of third-country deportations this year.

One of them is Abdou Latifou, a gay man from Togo. In June, US officials put him on a deportation plane to Sierra Leone, where gay men can be sentenced to life in prison under colonial-era laws. A US immigration judge had ruled in November that it was not safe to send him home.

A mob attack, then a court win

Two years ago, a mob assaulted Latifou and threatened to kill him after he was seen kissing the man he loved, according to his asylum application. He fled Togo and sought refuge in the United States.

When the immigration judge ruled in his favour last November, he felt he had reached safety. ‘I told myself, “From this day on, I’m entering a world where I’m free to live as myself,”‘ he said.

The judge granted him a lesser form of protection than asylum. It barred the government from deporting him to Togo but allowed his removal to other countries.

Sent to Sierra Leone, then back to Togo

Latifou, a gay Togolese man, sits on a beach overlooking the Atlantic Ocean in Abidjan

After he landed in Sierra Leone, Latifou was held for two weeks in a hotel under police surveillance. Guards then put him on a flight back to Togo. He arrived with a few items of clothing and $100.

He went to his village to see his mother. A relative soon warned him that he was not safe, and helped him cross the border into Benin. He continued to Ivory Coast, where he now lives with a friend and works as a security guard.

Same-sex relations are legal in Ivory Coast, but Ivorian activists have reported rising homophobic violence. Latifou avoids the Togolese community ‘so I don’t get recognized.’

What Reuters found across 40 cases

A gay Mauritanian man walks through a neighbourhood in Matam

Reuters tracked all 40 people, who come from across Africa and from Iraq, Jamaica and Russia. Reporters interviewed a dozen deportees and immigration lawyers and reviewed hundreds of pages of legal documents.

Sixteen remain in the countries they were deported to, and some are still detained. Sixteen others, like Latifou, were sent back to their home countries against their will. Nine are in hiding in third locations. One Ghanaian man is no longer in contact with his lawyers or relatives, they said.

The 40 cases involve deportations to three countries that explicitly criminalise same-sex sexual acts: Sierra Leone, Cameroon and Eswatini. Three others have no such laws, but the State Department has documented abuses of LGBT people there, including ‘corrective rape’ and conversion therapy. They are the Central African Republic, Equatorial Guinea and the Democratic Republic of Congo. Government spokespeople for all six countries did not respond to requests for comment.

More than half of the 40, including Latifou, were not eligible for asylum because they had not applied in countries they passed through before entering the US illegally. That rule came from Biden-era restrictions, which a federal court vacated in May.

Bridget Crawford, director of law and policy at the LGBT advocacy group Immigration Equality, said the US has repeatedly granted asylum to LGBT people from these countries. Her group has helped 12 Cameroonians and one person from Congo win asylum in recent years.

Where they ended up

Latifou, a gay Togolese man, walks along a beach in Abidjan

Many deportees told Reuters they wound up wherever someone would take them in.

A bisexual Ghanaian woman was deported to Cameroon in January and stayed for seven months. She could not speak French, the main local language, and feared for her safety in Ghana. She moved in with a relative in northern Nigeria, where penalties for same-sex sexual acts can include lashes or death by stoning. Most days she does not leave the house, she said.

A gay man from Ghana was deported to Sierra Leone and then forcibly repatriated. He has spent four months hiding in the forests of neighbouring Togo and lives on small sums his mother sends him. Most nights he sleeps on a blanket on the ground. When it rains, he shelters in an abandoned, half-finished house.

A 44-year-old Mauritanian man had lived in the US for more than a decade when ICE detained him in January and flew him to Eswatini, a small southern African kingdom he had never heard of. He spent a month and a half in a mosquito-infested prison with no hot water, he said. He eventually agreed to be flown back to Mauritania and slipped across the border into Senegal, where the government recently doubled the maximum penalty for same-sex sexual acts.

He is now staying with relatives in a remote town and trying to find out whether any countries in Europe or Asia would accept him. ‘My life just got turned upside down,’ he said.

A tactic that was rare before 2025

Third-country deportations were uncommon before Donald Trump’s second term. Since he returned to office and began a broad immigration crackdown, ICE and Border Patrol have deported more than 40,000 people to countries that are not their own, according to preliminary government data shared with Reuters. That is far above earlier estimates from advocates. About 900 people were sent to African countries.

Trump’s administration has made deals with impoverished foreign governments to take them.

Courts and the government’s response

In a February order in a case challenging the policy, US District Judge Brian Murphy addressed the risk to gay people. He called the government’s claim that those targeted had not explicitly asked not to be deported to repressive third countries an ‘absurdity.’

‘No person could reasonably be expected to make detailed, prophylactic claims about every country on Earth to which she might have a valid claim against removal,’ he wrote.

The Supreme Court has now put a hold on Murphy’s ruling, which lets the administration continue third-country deportations. The court will hear arguments in December.

Claire Trickler-McNulty, a former senior US immigration official, said sending people ‘to a third country where they face the very persecution we recognized makes a mockery of our protection systems.’

Chandler Rebel, a spokesman for the Department of Homeland Security, which oversees ICE, said in a statement that the agency ‘does not enforce the law on the basis of sexual orientation, that would be illegal.’ He added: ‘Third country removals are an essential public safety tool.’

On people who leave ICE custody, Rebel said: ‘When an individual is no longer in ICE custody then ICE will no longer be responsible for them.’

What happens next

The Supreme Court’s December hearing will decide whether the policy continues in its current form. Until then, the government can keep removing people to third countries, and the 40 documented cases show what that has meant for LGBT migrants who had won protection in US courts.

Politics

Ohio Town Bans Data Centers It Doesn’t Have, and the Fight Reshapes the Midterms

By George Mensah 6 min read

No company has announced any plan to build a data center in Defiance, Ohio, a city of 17,000 people surrounded by soybean fields in the state’s northwest corner. Residents are moving to ban one anyway. On November 3, voters there will decide a ballot measure that would prohibit all but the smallest data center projects, after the county’s economic development office confirmed it had fielded inquiries from tech companies. City officials have already imposed a six-month moratorium on new project approvals.

Defiance is one front in a fight now playing out across Ohio and much of the country, where anxiety about AI infrastructure has turned data center construction from a routine economic development pitch into a live issue in the 2026 midterms.

A $2 billion number changed the debate

Residents in Defiance already worried about what data centers would do to farmland, electricity demand and water supply. Those worries hardened this summer when state tax records showed Ohio had given up more than $2 billion in sales-tax revenue through data-center incentives across 2024 and 2025, with Amazon and Meta among the companies benefiting.

A Bowling Green State University poll taken August 31 found 71 percent of Ohioans would support a temporary ban on new data center construction. That is not a narrow plurality. It is close to three in four residents of a state that has spent a decade courting this exact industry.

Becca Rupp, who founded Citizens for Responsible Development in Defiance, put the sentiment plainly. Most people feel preyed upon by big business, she said.

Governor Mike DeWine, a Republican, has suspended new applications for data-center tax exemptions while lawmakers work on reforms. Those lawmakers left for summer recess without acting, so the incentive program sits frozen and undefined heading into an election where it has become a talking point on its own.

Democrats find an opening in rural Ohio

Big tech fast-tracking new off-grid power plants, leaving communities in the dark about their pollution

For Democrats, who have struggled for a decade to win rural votes in the Trump-era Midwest, the data-center backlash has opened a rare line of attack in exactly the territory they need.

Representative Marcy Kaptur is running for reelection in a newly redrawn district that now includes Defiance and other conservative rural counties, in what she has called one of the hardest races of her four-decade career. She has built television ads around data centers, accusing Republican opponent Derek Merrin of backing the tax breaks residents now resent.

Politicians are letting these companies pass their enormous energy and utility costs onto Ohio ratepayers, Kaptur said in a statement, then handing them billions in tax breaks on top of it. FirstEnergy data backs part of her argument: residential electricity bills in Defiance rose 10 to 15 percent in June compared with a year earlier.

Merrin has not responded to requests for comment on the ads. In a Facebook post last week, he wrote that Kaptur was blaming him for a tax break enacted before he was elected to the Ohio legislature.

The Senate race turns on the same issue

State of the Union address at the U.S. Capitol in Washington D.C.

The same fight is shaping Ohio’s Senate race between Republican incumbent Jon Husted and Democrat Sherrod Brown, who is trying to reclaim the seat he lost in 2024. Recent polling shows Brown ahead, and Republican groups responded by spending $14 million on Ohio advertising in a single week.

Brown has called Husted “data centers’ best friend” and criticized him for promoting the tax incentives now under fire. Ohioans, not Jon Husted and his billionaire friends, should decide whether data centers get built in their community, Brown’s campaign said.

Husted’s campaign points to legislation he has sponsored that would require data-center operators to pay for the electricity generation and transmission capacity their facilities need. Spokesperson Amy Natoce argued Brown had three decades in Congress to address the issue and did nothing, then started caring the moment an election arrived.

From zoning disputes to a governor’s race

Lyn Cox, who leads the advocacy group Conserve Ohio from rural Waterville Township about 40 miles from Defiance, said the tax-subsidy disclosure turned a series of scattered local zoning fights into a statewide issue overnight. She called it a huge turning point, one that has pushed candidates in both parties to develop actual policy positions instead of vague talking points.

That pressure has reached the governor’s race. Republican Vivek Ramaswamy, who previously supported attracting tech investment to Ohio, released a proposal that would eliminate local property-tax abatements for data centers, redirect the revenue into homeowner rebates, and require developers to cover any increase in residential electricity costs their projects cause.

His Democratic opponent, Amy Acton, wants to restrict the tax incentives, require developers to fund their own power infrastructure, and mandate union labor standards on construction. Both candidates have also called for limits on building data centers on productive farmland.

Cox is not impressed by either platform. They’re just words, she said. Both sides came up with a policy because they’re starting to understand this is a sleeper issue.

Conserve Ohio is now pursuing a 2027 state constitutional amendment that would ban construction of any data center using more than 25 megawatts of power, while backing similar local ballot measures around the state. The group is also pushing state officials to disclose how much revenue local governments have given up through their own separate tax agreements with data-center operators, numbers that remain unpublished.

What the companies say

Amazon says it has invested close to $40 billion in Ohio since 2015. Meta points to more than $2.3 billion in state investment since 2018. Both companies argue their facilities generate tax revenue, jobs and broader economic activity in the communities where they operate.

For Rupp, the argument has moved past any single project. The real question, she said, is whether elected officials will defend the public interest against big tech at all. She called it a breakdown between what government was supposed to do for small America and what it has failed to do, and said data centers now sit at the center of that failure.

What happens next

Three dates will show whether this backlash has staying power beyond one election cycle.

November 3 is the first test. If Defiance voters approve a ban on a data center that does not exist yet, expect similar preemptive measures to appear on ballots in other Ohio counties next cycle, and expect other states watching AI infrastructure expansion to take notice.

The Senate and gubernatorial races are the second test, and the clearest read on whether this issue moves votes rather than headlines. A Brown win in a state Trump carried twice would tell national Democrats that utility bills and tax giveaways, not just AI abstractly, are the frame that works in rural districts.

The third is legislative. Ohio lawmakers left the DeWine moratorium in place without passing reform before recess. Whatever they do when they return, whether that is capping incentives, mandating developer-funded infrastructure, or letting the freeze lapse, will set the template other state legislatures either copy or avoid as this fight spreads.

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