CoinEx linked to $3.84 billion Iran‑related crypto flows

Blockchain‑analysis firm TRM Labs traced more than $3.84 billion in crypto that moved through the CoinEx exchange between 2019 and 2026. The funds originated from wallets associated with Iran’s central bank and the domestic exchange Nobitex, using Nobitex as an on‑ramp and CoinEx as an off‑ramp to global markets. At peak, transactions between the two platforms reached $763 million in a single year, and by 2024 CoinEx had become Nobitex’s largest foreign counterpart, overtaking Binance.

The Wall Street Journal report prompted renewed U.S. sanctions scrutiny. U.S. authorities have recently sanctioned several Iranian crypto platforms, including Nobitex, for alleged ties to the Islamic Revolutionary Guard Corps and other sanctioned entities. CoinEx, founded in 2017 by Haipo Yang and now headquartered in the Seychelles, denies any official relationship with the Iranian government. The exchange says it operates a transaction‑monitoring system, has strengthened Know‑Your‑Customer procedures and is blocking new registrations from Iranian IP addresses.

Regulators view the findings as evidence that centralized crypto exchanges can be used to bypass sanctions, raising the prospect of further enforcement actions against platforms that lack robust AML controls.