A new blockchain investigation claims that CoinEx processed billions of dollars in crypto transactions linked to Iran’s sanctioned financial ecosystem, raising fresh questions about the exchange’s role in facilitating access to global digital asset markets.
Key Takeaways
- TRM Labs says it traced more than $3.84 billion in blockchain transactions between CoinEx and over 60 Iranian crypto entities across seven years.
- The report claims CoinEx became Nobitex’s largest foreign transaction partner after Binance tightened sanctions compliance.
- Investigators also traced an alleged $67 million transaction path connected to wallets attributed to Iran’s Central Bank before funds reached CoinEx.
- CoinEx denied having ties to the Iranian government and disputed parts of the blockchain analytics firm’s methodology.
What Happened?
A report from TRM Labs, highlighted by The Wall Street Journal, alleges that cryptocurrency exchange CoinEx played a significant role in providing Iranian crypto users with access to international digital asset markets despite growing sanctions pressure.
According to the investigation, blockchain data shows more than $3.84 billion in transactions between CoinEx and over 60 Iranian cryptocurrency entities between 2019 and 2026. The findings arrive shortly after the United States Office of Foreign Assets Control sanctioned Nobitex and several other Iranian crypto platforms as part of a broader effort to disrupt sanctions evasion.
CoinEx Official Statement Regarding The Wall Street Journal Report
— CoinEx Global (@coinexcom) June 25, 2026
CoinEx is aware of the recent report published by The Wall Street Journal. We fully respect media oversight and press freedom, and understand the public’s heightened concern regarding compliance, anti-money…
CoinEx Became a Major Gateway for Iranian Crypto Activity
The report identifies Nobitex, Iran’s largest domestic cryptocurrency exchange, as CoinEx’s biggest Iranian counterparty. Investigators claim that more than $2.7 billion moved between the two exchanges through roughly 6.2 million blockchain transactions, averaging nearly $1 million each day since late 2018.
According to the analysis, transaction activity accelerated rapidly after 2020. By 2024, CoinEx had become Nobitex’s largest foreign counterparty, reportedly surpassing Binance, which had previously occupied that position before strengthening its sanctions compliance program.
TRM Labs also reported that more cryptocurrency flowed from Nobitex to CoinEx than in the opposite direction. The report suggests this pattern is consistent with Iranian users seeking access to international crypto liquidity through CoinEx before moving funds into the broader digital asset ecosystem.
Beyond Nobitex, investigators identified blockchain exposure involving more than 60 Iranian cryptocurrency platforms, including Wallex, Ramzinex, Bit Pin, Aban Tether, Excoino, Bit24, Ompfinex, Sarmayex, and Exir. According to the report, many of these exchanges consistently routed a similar share of their transaction volume through CoinEx, which TRM Labs described as an unusual pattern.
Investigation Traced Funds Linked to Iran’s Central Bank
One of the investigation’s most notable findings involved an alleged $67 million transaction path connected to wallets attributed to Iran’s Central Bank.
According to the report, investigators traced part of the cryptocurrency stolen during the Bybit hack through multiple blockchain bridges, decentralized finance protocols, smart contract swaps, and self custody wallets before the assets eventually reached CoinEx deposit addresses.
TRM Labs stated that the traced transaction represented only one portion of the broader $3.84 billion figure but illustrated the increasingly sophisticated methods used to move funds across blockchain networks.
The investigation also reported historical blockchain interactions involving wallets later associated with the Islamic Revolutionary Guard Corps, as well as transactions involving entities and individuals that were subsequently sanctioned by United States authorities.
ViaBTC Also Drew Attention
The report also examined ViaBTC, the cryptocurrency mining pool operated by CoinEx’s parent company.
TRM Labs said it traced more than $154 million in transfers between ViaBTC and wallets linked to Nobitex. The report further stated that ViaBTC appeared to provide liquidity support after the Predatory Sparrow cyberattack disrupted Nobitex during 2025.
Investigators argued that these transaction patterns suggest ViaBTC played an important role within Iran’s broader cryptocurrency infrastructure.
CoinEx Rejects the Allegations
CoinEx founder Haipo Yang acknowledged that Iranian users have historically used the platform but rejected claims that the company has any relationship with the Iranian government.
The exchange said it operates transaction monitoring systems, screens high risk users, and has begun an internal review of the transactions highlighted in the report. CoinEx also disputed TRM Labs’ methodology, arguing that blockchain analytics firms can produce different transaction estimates and that aggregated figures may overstate actual activity.
According to statements cited in the investigation, CoinEx has recently started restricting new registrations from Iranian IP addresses, removing identifiable Iranian users, and closing its Persian language social media accounts following increased regulatory scrutiny.
Growing Pressure on Crypto Platforms
The investigation highlights the growing challenge regulators face when enforcing sanctions across decentralized blockchain networks. While public blockchains provide transparent transaction records, linking wallet addresses to real world actors remains difficult and often requires extensive blockchain intelligence analysis.
Iran has increasingly adopted cryptocurrency as businesses and individuals seek alternatives to traditional financial systems affected by international sanctions. Industry estimates cited in the report value the country’s cryptocurrency market at between $8 billion and $10 billion, with roughly 13 percent of the population reportedly holding digital assets.
The latest findings are likely to increase scrutiny of offshore cryptocurrency exchanges operating across multiple jurisdictions as regulators continue targeting platforms that allegedly facilitate transactions involving sanctioned entities.
CoinLaw’s Takeaway
In my experience, investigations like this show how blockchain transparency can uncover complex financial networks, but they also remind us that blockchain tracing alone does not determine legal liability. I found this story important because it reflects the increasing pressure on global cryptocurrency exchanges to strengthen compliance as regulators continue expanding sanctions enforcement. Regardless of how the allegations develop, the findings are likely to fuel more oversight across the crypto industry.
