THE GIST

Iran’s biggest crypto exchange has been secretly processing billions for sanctioned organizations, and the blockchains powering it were built by people President Trump just pardoned.

The exchange, Nobitex, processes about $7.2 billion in trades from more than 11 million users.

It’s become an essential on-ramp for U.S.-sanctioned organizations. A Reuters investigation found that some $2.3 billion has been processed on Nobitex since 2023.

WHAT HAPPENED

The Iran War has been the biggest talking point in markets and geopolitics since the outbreak of the conflict in February. While the Strait of Hormuz, a key energy corridor,…