TL;DR:
- CoinEx processed over $3.84 billion in flows linked to sanctioned Iranian entities since 2019, in line with TRM Labs.
- The alternate facilitated transactions tied to the Central Financial institution of Iran, the IRGC, and sanctioned Russian entities, in line with the report.
- The platform rejected the findings, stating it was blocked by the Iranian authorities in 2021 and by no means operated within the nation.
CoinEx, the Seychelles-based cryptocurrency alternate, processed over $3.84 billion in flows linked to sanctioned Iranian entities since 2019, in line with a report revealed by TRM Labs, a blockchain intelligence agency.
In line with the report, the alternate facilitated transactions associated to greater than 60 Iranian entities. The biggest portion, roughly $2.7 billion, is linked to the Iranian alternate Nobitex. TRM Labs famous that Nobitex despatched round $360 million extra to CoinEx than it obtained, suggesting that cryptocurrencies had been systematically channeled from Iran into worldwide markets by way of the platform.
In line with the report, each main Iranian alternate routes between 5% and 15% of its whole transaction quantity by way of CoinEx. TRM Labs interpreted this consistency as a coordinated association. “This whole market saturation suggests the alternate features as a chosen worldwide gateway inside Iran or is actively capturing that market at each stage,” the agency said.
CoinEx Additionally Has Ties Past Iran
The mining pool affiliated with CoinEx, ViaBTC, accrued publicity that exceeded $154 million in funds linked to Nobitex. Moreover, the alternate reportedly processed round $67 million originating from the Central Financial institution of Iran as a part of a multi-chain laundering scheme between June 2025 and June 2026. Past the Iranian ties, TRM Labs recognized interactions with the Islamic Revolutionary Guard Corps (IRGC) and sanctioned Russian entities. The Wall Road Journal additionally reported {that a} portion of the funds stolen within the Bybit hack price $1.5 billion, attributed to North Korea, entered CoinEx by way of Iranian wallets.
The Trade’s Protection
In response to the report, CoinEx revealed a press release on X denying having established business relationships with exchanges or entities linked to the Iranian authorities. The alternate argued that it was blocked by Iranian authorities in 2021 and by no means integrated an working entity within the nation. It added that on-chain fund flows don’t indicate information or participation by the platform in illicit actions, and that knowledge from a single alternate shouldn’t be thought of conclusive.
CoinEx Official Assertion Concerning The Wall Road Journal Report
CoinEx is conscious of the current report revealed by The Wall Road Journal. We totally respect media oversight and press freedom, and perceive the general public’s heightened concern relating to compliance, anti-money…
— CoinEx International (@coinexcom) June 25, 2026
Ari Redbord, world head of coverage at TRM Labs, warned that OFAC’s June 2 designations towards 4 Iranian exchanges eradicated 78% of Iran’s home cryptocurrency quantity, however that the worldwide infrastructure sustaining that ecosystem stays intact.
