Key Points
- Blockchain forensics firm TRM Labs identified over $3.84 billion in cryptocurrency transfers between CoinEx and Iranian entities under sanctions spanning seven years
- By 2024, CoinEx had overtaken Binance to become the primary foreign exchange partner for Nobitex, Iran’s largest domestic trading platform
- The Central Bank of Iran moved $67 million through CoinEx using sophisticated cross-chain money laundering techniques
- The exchange maintained direct connections to wallets associated with IRGC, Hezbollah, and Palestinian Islamic Jihad
- Following OFAC’s June 2, 2026 sanctions on four Iranian exchanges, CoinEx rotated its operational wallets and transaction volumes plummeted below $150,000
A comprehensive investigation by blockchain intelligence company TRM Labs has revealed that CoinEx, a Seychelles-registered cryptocurrency exchange established in 2017 by former Tencent software engineer Haipo Yang, facilitated over $3.84 billion in transactions connected to Iranian organizations currently under international sanctions.
The platform steadily expanded its Iranian operations across multiple years. According to statements from past employees, CoinEx deployed dedicated business development personnel within Iran to expand its user base, although the exchange officially disputes these allegations.
CoinEx Emerged as Iran’s Dominant Foreign Trading Partner
Historically, Binance served as the predominant international exchange partner for Nobitex, Iran’s leading cryptocurrency platform. This dynamic shifted around 2022, coinciding with Binance’s confrontation with US regulatory action, partially attributed to its acceptance of Iranian traders.
CoinEx had captured Binance’s market position by 2024. Throughout 2025 alone, transfers totaling more than $763 million occurred between CoinEx and Nobitex, establishing CoinEx’s volume at nearly nine times that of the second-largest identified foreign exchange serving Nobitex.
Beginning in 2018, approximately $2.7 billion has transferred between these two platforms through around 6.2 million separate transactions — representing an average daily flow of $1 million.
Analysis shows Nobitex transferred roughly $360 million more to CoinEx than it received in return, indicating cryptocurrency was being channeled outward from Iran to gain access to global trading markets.
Central Bank of Iran Leveraged CoinEx for Money Laundering Operations
According to TRM Labs’ findings, $67 million linked to Iran’s Central Bank passed through CoinEx between June 2025 and June 2026. These funds traversed a complex network involving both Tron and Ethereum blockchains, decentralized finance applications, and cross-chain bridge protocols before ultimately reaching CoinEx’s infrastructure.
This operation was orchestrated through an organization known as the National Iranian Exchange operating within a program internally designated as “National–Tether.” Reports indicate CoinEx additionally supplied transaction fee financing that facilitated the money laundering operations.
Earlier investigations this year discovered that certain Central Bank wallets had connections to $1.5 billion stolen from the Bybit exchange by North Korean cybercriminals.
In addition to the Central Bank connections, TRM documented CoinEx’s involvement with over 60 Iranian cryptocurrency organizations, including Wallex, Ramzinex, BitPin, and numerous smaller operations. Every significant Iranian exchange channeled approximately 5–10% of its aggregate trading volume through CoinEx — a uniform pattern that TRM interprets as evidence of systematic coordination rather than organic market dynamics.
Additionally, CoinEx maintains verifiable blockchain connections to wallets associated with the IRGC ($6 million in transactions), Palestinian Islamic Jihad ($374,000), and Hezbollah.
Regulatory Action Triggers Dramatic Changes in Trading Activity
On June 2, 2026, OFAC, the sanctions enforcement division of the US Treasury Department, imposed penalties on four Iranian cryptocurrency exchanges: Nobitex, BitPin, Wallex, and Ramzinex. These four platforms collectively represented approximately 78% of Iran’s estimated $9.9 billion in cryptocurrency trading volume during 2025.
Following the implementation of these sanctions, CoinEx executed a rotation of its operational hot wallets. Transaction volumes between CoinEx and Iranian organizations subsequently collapsed to under $150,000.
Prior to the sanctions, typical transaction amounts between CoinEx and Nobitex averaged around $435. Following the intensification of tensions involving the US, Iran, and Israel in late February 2026, that average surged to $2,110, with larger, consolidated transfers representing an increasing proportion of overall activity.
Yang announced that CoinEx would cease accepting new Iranian customers and was implementing measures to phase out existing Iranian accounts. The platform also initiated blocking protocols for new registrations originating from Iranian IP addresses. CoinEx maintains it did not knowingly process transactions for sanctioned organizations.
