TL;DR:
CoinEx, the Seychelles-based cryptocurrency exchange, processed over $3.84 billion in flows linked to sanctioned Iranian entities since 2019, according to a report published by TRM Labs, a blockchain intelligence firm.
According to the report, the exchange facilitated transactions related to more than 60 Iranian entities. The largest portion, approximately $2.7 billion, is linked to the Iranian exchange Nobitex. TRM Labs noted that Nobitex sent around $360 million more to CoinEx than it received, suggesting that cryptocurrencies were systematically channeled from Iran into international markets through the platform.
According to the report, every major Iranian exchange routes between 5% and 15% of its total transaction volume through CoinEx. TRM Labs interpreted this consistency as a coordinated arrangement. “This total market saturation suggests the exchange functions as a designated international gateway within Iran or is actively capturing that market at every level,” the firm stated.
The mining pool affiliated with CoinEx, ViaBTC, accumulated exposure that exceeded $154 million in payments linked to Nobitex. Additionally, the exchange reportedly processed around $67 million originating from the Central Bank of Iran as part of a multi-chain laundering scheme between June 2025 and June 2026. Beyond the Iranian ties, TRM Labs identified interactions with the Islamic Revolutionary Guard Corps (IRGC) and sanctioned Russian entities. The Wall Street Journal also reported that a portion of the funds stolen in the Bybit hack worth $1.5 billion, attributed to North Korea, entered CoinEx through Iranian wallets.
In response to the report, CoinEx published a statement on X denying having established commercial relationships with exchanges or entities linked to the Iranian government. The exchange argued that it was blocked by Iranian authorities in 2021 and never incorporated an operating entity in the country. It added that on-chain fund flows do not imply knowledge or participation by the platform in illicit activities, and that data from a single exchange should not be considered conclusive.
CoinEx Official Statement Regarding The Wall Street Journal Report
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 Global (@coinexcom) June 25, 2026
Ari Redbord, global head of policy at TRM Labs, warned that OFAC’s June 2 designations against four Iranian exchanges eliminated 78% of Iran’s domestic cryptocurrency volume, but that the international infrastructure sustaining that ecosystem remains intact.
