Iran · Wall Street · The Block
On Thursday, CoinEx published a post on X pushing back on the TRM Labs report
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It added that it has never provided funding channels or any active assistance to Iranian government agencies, Islamic Revolutionary Guard-related entities, or other sanctioned parties.
Key facts
- Notably, CoinEx processed around $67 million in funds from the Central Bank of Iran as part of a multi-chain laundering scheme between June 2025 and June 2026
- Global cryptocurrency exchange CoinEx has processed over $3.84 billion in flows linked to sanctioned Iranian entities since 2019, TRM Labs said
- The Wall Street Journal also reported earlier that a portion of the stolen funds from Bybit's $1.5 billion hack, attributed to North Korea, had flowed into CoinEx via Iranian wallets
- CoinEx's affiliated mining pool, ViaBTC, reportedly added another layer of exposure, with TRM tracing more than $154 million in mining payouts linked to Nobitex
Summary
Global cryptocurrency exchange CoinEx has processed over $3.84 billion in flows linked to sanctioned Iranian entities since 2019, TRM Labs said. According to a Wednesday blog post from the blockchain intelligence firm, the Seychelles-based crypto exchange has facilitated transactions tied to more than 60 Iranian entities. "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, crucial for a heavily sanctioned economy," TRM wrote. TRM said CoinEx's connection to Nobitex is not an isolated case. "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 said.