Cryptocurrency exchange CoinEx has processed over $3.84 billion in transactions tied to sanctioned Iranian entities since 2019, according to blockchain intelligence firm TRM Labs. The Seychelles-based exchange facilitated flows connected to more than 60 Iranian entities, with the largest share — about $2.7 billion — linked to Iranian crypto exchange Nobitex.
TRM Labs noted a systematic outward routing of cryptocurrency from Iran through CoinEx, with Nobitex sending approximately $360 million more to CoinEx than it has received, indicating a search for international liquidity. The report described a coordinated arrangement in which every major Iranian exchange routes roughly 5% to 15% of its total transaction volume through CoinEx, suggesting the platform functions as a designated international gateway for Iran's crypto market.
Additional exposure came from CoinEx-affiliated mining pool ViaBTC, which handled over $154 million in mining payouts tied to Nobitex and provided emergency liquidity after a 2025 cyberattack. TRM Labs also traced around $67 million from the Central Bank of Iran flowing through CoinEx in a multi-chain laundering scheme between mid-2025 and mid-2026. The exchange has further interacted with terrorist organizations, including the Islamic Revolutionary Guard Corps, and sanctioned Russian entities. Earlier, stolen funds from the Bybit $1.5 billion hack attributed to North Korea reportedly moved through CoinEx via Iranian wallets.
The findings raise fresh concerns over sanctions evasion through offshore platforms. While the U.S. Treasury sanctioned Nobitex and three other Iranian exchanges in June 2026, CoinEx itself was not designated. TRM Labs' global head of policy, Ari Redbord, stressed that the international infrastructure enabling Iran's crypto ecosystem remains largely intact, calling for enforcement to target gateways beyond domestic exchanges. CoinEx did not respond to a request for comment.
