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- TRM Labs linked CoinEx to billions in sanctioned Iranian cryptocurrency transaction flows.
- Report says Nobitex accounted for most CoinEx-linked Iranian cryptocurrency transaction volume.
- Regulators face growing pressure targeting international cryptocurrency gateways supporting sanctioned networks.
Since 2019, CoinEx cryptocurrency exchange has handled over $3.84 billion worth of transactions with network addresses of sanctioned Iranian blockchain users, according to blockchain intelligence firm TRM Labs. The report mentioned that the exchange processed transactions involving more than 60 Iranian entities, underscoring its ability to process cryptocurrency transactions involving sanctioned financial circles in Iran.
Iranian virtual currency exchange Nobitex was responsible for the highest percentage of such transactions, according to TRM Labs. During the time frame of the investigation, it is believed that the platform directed around $2.7 billion through CoinEx. The report also revealed that Nobitex transferred almost $360 million to CoinEx, while neither received nor took out any assets from the exchange to the global markets, indicating that digital assets continuously flowed out of Iran through the exchange.
As a result, CoinEx was important to international liquidity to Iranian cryptocurrency users facing financial sanctions, said TRM Labs. The transaction pattern continued over the past few years and not just isolated transactions, the firm added.
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Report Finds CoinEx Connected Across Iran’s Crypto Market
CoinEx’s ties with Nobitex were not confined to the Iranian digital asset market.CoinEx’s connection with Nobitex went beyond the Iranian digital asset market, according to TRM Labs. According to the report, all significant Iranian digital currency exchanges accounted for 5% to 15% of their total volume on CoinEx. Also, there were a few smaller exchanges that were said to have direct transactions with the platform.
The high activity level suggests that CoinEx might have been a favoured gateway for Iranian exchanges and/or that it actively facilitated users across the country’s cryptocurrency ecosystem, TRM Labs said. Furthermore, CoinEx’s mining pool affiliate, ViaBTC, has been linked to over $154 million in mining payouts related to Nobitex. In 2025, ViaBTC also provided emergency liquidity when Nobitex suffered a major cyber attack.Nobitex also suffered a major cyber attack in 2025, and ViaBTC also provided emergency liquidity.
The report also outlined some $67 million in transactions made by the Central Bank of Iran with CoinEx from June 2025 to June 2026. Those transfers were part of “a multi-chain laundering operation” that included multiple blockchain networks, according to TRM Labs.
Regulatory Questions Continue Around CoinEx
In addition to Iranian actors, CoinEx’s wallets mingled with wallets associated with sanctioned Russian groups and the IRGC, said TRM Labs. The Wall Street Journal had previously reported that some of the funds stolen in the $1.5 billion Bybit hack were transacted via CoinEx through Iranian wallets.
CoinEx has yet to make a public comment on the latest findings. But after publication of the report, The Block was able to reach out to exchange for a comment, the report states. TRM Labs reported that CoinEx was previously subject of legal action by the New York Attorney General and regulatory investigation in Germany, as well as ban in Thailand. The report further stated that the exchange no longer registers with the U.S. Financial Crimes Enforcement Network and financial crimes authority of Lithuania.
OFAC Focuses on Domestic Iranian Exchanges
The U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on four major Iranian exchanges, including Nobitex, earlier this month for allegedly helping to evade sanctions, fund terrorist organizations, and carry out other illegal transactions. CoinEx wasn’t covered by those designations.
The sanctions wreaked havoc on much of Iran’s domestic cryptocurrency market, said TRM Labs Global Head of Policy Ari Redbord. But he says that other international platforms that facilitate international transactions are still functioning. So those international gateways should be increasingly the focus of future enforcement, he said.
International crypto exchanges are still active in transactions related to sanctioned Iranian networks. As enforcement efforts grow, regulators could focus more on cross-border trading platforms, the report said.
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