As the United States and Iran edge closer to a possible framework agreement to end months of escalating conflict, attention is shifting beyond missiles, ceasefires and nuclear diplomacy to a far more opaque battlefield: the financial networks that kept Iran’s military machine running through sanctions, war and economic isolation.At the centre of that shadow system sits a familiar name in Tehran’s sanctions-busting world, Babak Zanjani, the flamboyant Iranian businessman once accused by Washington of helping the regime move billions of dollars through covert oil and banking operations. According to investigations by both the Wall Street Journal and Reuters, Zanjani’s network allegedly used cryptocurrency exchanges, offshore firms and digital payment chains to funnel vast sums tied to Iran’s Islamic Revolutionary Guard Corps (IRGC), even as the Trump administration publicly intensified pressure on Tehran.The revelations have also pulled President Donald Trump and his expanding crypto business interests into the spotlight. While there is no evidence Trump or his family knowingly facilitated Iranian transactions, Reuters reported that some of the same crypto infrastructure and industry figures backing Trump-linked ventures were simultaneously being used by Iranian financial networks moving billions outside the traditional banking system.The overlap has created an extraordinary geopolitical contradiction. Even as Washington warned banks and firms against helping Iran evade sanctions, digital networks associated with some of the biggest names in the crypto industry — including those connected to Trump’s allies and business ecosystem — allegedly remained key conduits for Iranian-linked money flows.
The crypto pipeline behind Iran’s sanctions economy
According to the Wall Street Journal, internal compliance reports from Binance showed that accounts linked to Zanjani and his associates processed roughly $850 million in crypto transactions over two years, largely through a single Binance trading account. Investigators reportedly concluded that the accounts formed part of a money-laundering network benefiting the Iranian regime and the IRGC.The IRGC is not merely a military organisation. It controls major parts of Iran’s economy and oversees proxy networks across the Middle East, including groups such as Hezbollah, Hamas and Yemen’s Houthi movement.US and foreign investigators cited in the reports alleged that the crypto flows were closely tied to Iran’s sanctions-busting oil trade with Chinese buyers. Money from oil sales would allegedly move through intermediaries in Turkey and the Gulf before being converted into cryptocurrency and routed through exchanges and digital wallets.The operation’s alleged hub was Zedcex, a crypto firm linked to Zanjani and registered through a London address while operating via Dubai subsidiaries. According to investigators, Zedcex’s Binance account processed around $830 million in transactions during 2024 and 2025. Internal compliance systems reportedly detected repeated logins from Tehran, triggering multiple alerts, yet the accounts allegedly remained active for months.Zanjani himself has long cultivated the image of an “anti-sanctions” operator. Previously sanctioned by the US in 2013 for helping Iran move oil revenues through overseas banks, he later described his work as “economic resistance” against Western pressure. Washington sanctioned him again earlier this year, accusing him and his crypto network of funnelling money to the IRGC.
Binance, Tron and the Trump-linked crypto world
The story becomes more politically sensitive because the same crypto ecosystem allegedly handling Iranian-linked flows is deeply intertwined with the rise of Trump-backed crypto ventures.Reuters reported that Iran’s largest crypto exchange, Nobitex, processed at least $2.3 billion through the Tron and BNB Chain blockchains since 2023. Those networks were established respectively by crypto billionaire Justin Sun and Binance founder Changpeng Zhao.Both Sun and Zhao later emerged as prominent backers of World Liberty Financial, the Trump family’s flagship crypto venture.Again, Reuters stressed there was no indication Trump or his family knew of Nobitex’s use of those networks. Still, critics argue the situation illustrates the risks of overlapping business and geopolitical interests in the rapidly expanding crypto sector.Former US regulator John Reed Stark described the situation as a “dramatic irony”, saying the same crypto infrastructure linked to Trump-backed ventures was also allegedly being used by actors tied to Iran’s wartime economy.The White House dismissed the suggestion of any conflict of interest, while World Liberty Financial said it had no relationship with Nobitex and complied with US law.Yet the timing has raised eyebrows in Washington. Zhao, who pleaded guilty in 2023 to anti-money laundering violations tied to Binance’s sanctions controls, was pardoned by Trump in October 2025. Around the same period, Binance expanded support for World Liberty’s USD1 stablecoin, while Abu Dhabi investment group MGX used the token during a $2 billion Binance-related transaction.Sun meanwhile invested heavily in World Liberty tokens after the project struggled initially to attract investors.
Why crypto became Iran’s financial lifeline
For Iran, cryptocurrency became more than a tool for covert finance, it evolved into an economic survival mechanism under sanctions.Cut off from much of the global banking system, Iran increasingly turned to digital assets to move money internationally, settle oil transactions and bypass restrictions. Reuters reported that Nobitex alone processed billions through Tron and BNB Chain, while researchers estimated Iranians conducted more than $10 billion in crypto transactions last year.The strategy accelerated after the war intensified and shipping disruptions around the Strait of Hormuz sent shockwaves through global trade routes.Analysts say the conflict exposed how modern wars are no longer fought only with missiles and armies, but through financial architecture, shipping corridors and digital payment systems. Even if a ceasefire agreement emerges in coming days, the economic consequences are expected to linger long after the fighting stops.Iran has already warned that it rebuilt significant military capabilities during the ceasefire and would respond forcefully if the US resumed attacks. At the same time, negotiations mediated partly by Pakistan and Qatar appear to be narrowing differences between Tehran and Washington.
