A Reuters investigation found Iran’s largest crypto exchange Nobitex (≈$7.2B in trades, 11M+ users) processed about $2.3B since 2023 for U.S.-sanctioned actors including Iran’s central bank and the IRGC. Funds were converted to USDT and moved via blockchains such as Tron and BNB Smart Chain, allowing Chinese trading firms, arms suppliers and intermediaries to receive stablecoins and cash out on other exchanges. Nobitex’s KYC is reported easy to circumvent. The report also links industry figures (Justin Sun, Changpeng Zhao) and notes prior SEC action and presidential pardons mentioned in the article.

Reuters found ~ $2.3B flowed through Nobitex since 2023 for sanctioned Iranian entities; funds were converted to USDT and routed on Tron and BNB Smart Chain; Nobitex KYC is reportedly easy to game; links to industry executives and prior SEC/pardon actions are noted — facts that imply regulatory and counterparty risk for the stablecoin/chains and exchanges involved.