CoinEx accused of processing $3.8 billion in Iran-linked crypto transactions
Cryptocurrency exchange CoinEx processed more than $3.84 billion in transactions linked to sanctioned Iranian entities between 2019 and 2026, according to blockchain analytics firm TRM Labs. Researchers believe the platform may have served as one of the primary international gateways for moving digital assets out of Iran.
According to the report, more than 60 Iranian organizations conducted transactions through CoinEx. The exchange's largest counterparty was Nobitex, which accounted for approximately $2.7 billion in trading volume.
Analysts said Nobitex sent roughly $360 million more to CoinEx than it received in return. TRM Labs argues this pattern suggests the systematic transfer of crypto assets out of Iran to access international liquidity.
CoinEx's share of transaction flows among Iran's largest cryptocurrency exchanges. Source: TRM Labs.
The report also found that nearly all major Iranian crypto exchanges regularly interacted with CoinEx, routing between 5% and 15% of their total transaction volume through the platform.
Report links CoinEx to sanctioned entities
TRM Labs estimates that between June 2025 and June 2026, CoinEx processed approximately $67 million in transactions linked to the Central Bank of Iran through a multi-stage money laundering scheme.Researchers also alleged that the exchange interacted with wallet addresses associated with the Islamic Revolutionary Guard Corps (IRGC), as well as sanctioned Russian entities.
The report additionally referenced a previous Wall Street Journal investigation claiming that part of the funds stolen in the Bybit hack moved through Iranian wallets before eventually reaching CoinEx.
CoinEx avoided latest OFAC sanctions
Despite the report's findings, CoinEx was not included in the latest sanctions package imposed by the U.S. Treasury's Office of Foreign Assets Control (OFAC). That round of sanctions targeted four major Iranian cryptocurrency exchanges, including Nobitex.However, TRM Labs believes the international infrastructure enabling Iranian exchanges to access global crypto markets remains operational. According to the firm, future enforcement efforts could shift toward overseas intermediaries providing such services.
Analysts also pointed to user behavior following the escalation of tensions in the Middle East as further evidence of Nobitex's importance within Iran's financial system.
According to the report, cryptocurrency withdrawals from Nobitex surged by roughly 700% within minutes after the first U.S. and Israeli airstrikes on Tehran, suggesting investors were rushing to move capital outside Iran's domestic financial system.
Earlier, TRM Labs reported that cryptocurrency activity involving Iranian businesses declined 11% year over year to $3.7 billion between January and July 2025.
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