Hassan Maishera
TL;DR
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CoinEx facilitated over $3.84 billion worth of crypto flows for Iranian entities, including the central bank, TRM Labs said.
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The Seychelles-based exchange allegedly facilitated transactions involving more than 60 Iranian entities.
Blockchain Intelligence Firm Highlights Extensive Ties to Iranian Crypto Ecosystem
Global cryptocurrency exchange CoinEx has processed more than $3.84 billion in transaction flows linked to sanctioned Iranian entities since 2019, according to a report released Wednesday by blockchain intelligence firm TRM Labs.
The Seychelles-based exchange allegedly facilitated transactions involving more than 60 Iranian entities, making it one of the most significant international gateways for cryptocurrency flows originating from Iran, the report said.
CoinEx had not publicly responded to the allegations at the time of publication. The Block said it had reached out to the exchange for comment.
According to TRM Labs, the largest share of the identified transaction activity involved Nobitex, Iran’s largest cryptocurrency exchange.
The report claims approximately $2.7 billion of the total flows traced through CoinEx were connected to Nobitex.
TRM further noted that Nobitex sent roughly $360 million more to CoinEx than it received, suggesting a persistent net outflow of digital assets from Iran.
“Nobitex has sent approximately $360 million more to CoinEx than it has received in return, indicating that cryptocurrency is systematically routed outward from Iran through CoinEx in search of international liquidity and global markets,” TRM stated.
The firm argued that such activity reflects the role cryptocurrency can play in connecting sanctioned economies to global financial markets.
Iranian Exchanges Allegedly Routinely Use CoinEx
TRM Labs said its findings indicate that CoinEx's relationship with Iranian exchanges extends well beyond Nobitex.
According to the report, every major Iranian cryptocurrency exchange appears to route between 5% and 15% of its transaction volume through CoinEx.
The consistency of these flows across multiple platforms led TRM to suggest the exchange may play a central role in facilitating international crypto access for users in Iran.
The report also claims that smaller and lesser-known Iranian trading platforms maintain direct transactional relationships with CoinEx.
“Full top-to-bottom market saturation of this kind suggests CoinEx is either functioning as a designated international cryptocurrency gateway within Iran or is actively soliciting the Iranian market across every tier,” TRM wrote.
TRM’s report further identified exposure through ViaBTC, a cryptocurrency mining pool affiliated with CoinEx.
The firm said it traced more than $154 million in mining payouts connected to Nobitex through ViaBTC. In addition, the mining pool reportedly provided liquidity support to Nobitex following a significant cyberattack in 2025.
The findings suggest a broader network of interactions between CoinEx-affiliated services and Iran’s cryptocurrency ecosystem.
Report Alleges Central Bank of Iran Transactions
One of the report’s more significant claims involves the Central Bank of Iran. TRM Labs alleged that CoinEx processed approximately $67 million in transactions tied to the Central Bank of Iran between June 2025 and June 2026 as part of a multi-chain laundering operation.
The report also cited interactions involving entities sanctioned by the United States, including the Islamic Revolutionary Guard Corps (IRGC), as well as sanctioned Russian actors.
Separately, The Wall Street Journal previously reported that a portion of the funds stolen during the $1.5 billion Bybit hack—an attack attributed to North Korean actors—ultimately flowed through Iranian wallets connected to CoinEx.
Founded in 2017, CoinEx has faced regulatory challenges in several jurisdictions over the years.
According to TRM Labs, the exchange has been the subject of a lawsuit by the New York Attorney General, regulatory scrutiny in Germany, and a ban in Thailand.
The report also noted that CoinEx is no longer registered with the U.S. Financial Crimes Enforcement Network (FinCEN) or Lithuania’s financial crime authority.
The latest allegations could further intensify scrutiny of the exchange’s compliance practices and international operations.
Earlier this month, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on four major Iranian cryptocurrency exchanges, including Nobitex.
The Treasury said the exchanges facilitated sanctions evasion, terrorist financing, and other illicit financial activities. Despite its alleged role in processing related flows, CoinEx was not included in the latest round of sanctions.
According to TRM Labs, this highlights a broader challenge facing regulators.
“OFAC's June 2 designations took out 78% of Iran's domestic crypto volume in a single action — but the international infrastructure that enabled that ecosystem remains largely intact,” said Ari Redbord, Global Head of Policy at TRM Labs.
