CoinEx has processed billions of {dollars} in transfers to and from Iranian exchanges since 2018, together with greater than $2.7 billion in transactions with OFAC-approved Nobitex.
Blockchain transactions value greater than $3.84 billion between cryptocurrency trade CoinEx and sanctioned Iranian corporations have been tracked over seven years.
The findings had been introduced shortly after the U.S. Treasury Division’s Workplace of Overseas Belongings Management (OFAC) sanctioned 4 Iranian exchanges beneath Govt Orders 13224 and 13902: Nobitex, BitPin, Wallex, and Ramzinex.
TRM maps CoinEx’s increasing ties to Iran
In line with a brand new report from TRM Labs, these 4 exchanges accounted for roughly $7.7 billion, or 78%, of Iran’s estimated $10 billion in cryptocurrency exercise in 2025. Regardless of repeated enforcement actions, Iran’s annual cryptocurrency buying and selling quantity stays excessive. Based in 2017 by Haipo Yang, CoinEx operates by entities in a number of jurisdictions and has processed over $79 billion in buying and selling quantity so far.
The trade additionally faces regulatory motion in a number of nations. TRM survey outcomes reveal CoinEx is the most important exterior buying and selling accomplice of Nobitex, Iran’s largest cryptocurrency trade. Since late 2018, greater than $2.7 billion has been moved between the 2 platforms by roughly 6.2 million blockchain transfers, averaging roughly $1 million per day. Nobitex despatched roughly $360 million extra to CoinEx than it obtained, suggesting that funds are persistently transferring from Iran to worldwide markets by CoinEx.
The buying and selling quantity between the 2 exchanges elevated from roughly $13 million in 2020 to $575 million in 2021. After declining in 2022 and 2023, transaction quantity rebounded to $714 million in 2024 and $763 million in 2025. Actually, CoinEx accounted for greater than 16% of Nobitex’s annual buying and selling quantity.
TRM additionally recognized direct hyperlinks between CoinEx and greater than 60 Iranian cryptocurrency corporations, together with Wallex, Ramzinex, BitPin, Aban Tether, Excoino, Bit24, Ompfinex, Sarmayex, and Exir. The report stated comparable buying and selling volumes had been routed by CoinEx throughout a number of exchanges in Iran, with gradual introduction of the platform over a number of years, indicating an organized relationship quite than impartial market conduct.
The blockchain intelligence agency additional found that roughly $67 million from the Central Financial institution of Iran reached CoinEx by a fancy laundering construction between June 2025 and June 2026. The funds reportedly moved by a number of blockchains, cross-chain bridges, Gnosis Secure contracts, and Aave tokens earlier than lastly arriving at CoinEx. The trade additionally allegedly supplied transaction charges to help these transfers.
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ViaBTC, a mining pool run by CoinEx’s mum or dad firm, additionally had shut ties to Iran. TRM tracked greater than $154 million between wallets linked to ViaBTC and Nobitex, with many of the transfers flowing from mining swimming pools to wallets in Iran. After the 2025 cyberattack on Nobitex, roughly $2.7 million was transferred from a beforehand inactive mining pockets to a brand new Nobitex pockets. ViaBTC additionally seems within the transaction chain, indicating that mine reserves had been used to revive liquidity.
Transaction sample modified by battle
CoinEx exposures to wallets related to the IRGC, Palestinian Islamic Jihad, Hezbollah, Galantex, Bitzrat, the CoinEx hack, BlackSuit ransomware, and the Wasabi mixing service had been additionally found by TRM. Buying and selling patterns modified after the battle between the USA, Iran, and Israel escalated in early 2026. The common switch measurement has elevated quickly and enormous transactions have turn into extra frequent.
After OFAC sanctioned a number of Iranian exchanges earlier this month, buying and selling volumes between CoinEx and Iranian corporations decreased considerably, however the firm famous that personal trade accounts should have the ability to proceed working outdoors the visibility of public blockchains.
Alternatively, CoinX is rejected It stated it has no ties to the Iranian authorities or any sanctioned entities and has by no means supplied funds or help to them. The trade additional argued that blockchain transactions don’t show involvement in unlawful actions.
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