Blockchain intelligence firm TRM Labs has linked cryptocurrency exchange CoinEx to more than $3.84 billion in transactions involving sanctioned Iranian entities. According to the firm's latest report, over 60 Iranian entities moved funds through the Seychelles-based exchange between 2019 and 2026. The largest Iranian exchange, Nobitex, contributed nearly $2.7 billion of the total volume linked to CoinEx.
CoinEx Serves as Gateway for Iranian Crypto Outflows
TRM Labs found that Nobitex sent approximately $360 million more to CoinEx than it received, indicating a net flow of cryptocurrency out of Iran through CoinEx to international markets. The report stated that despite sanctions, CoinEx played a key role in providing access to global liquidity for Iranian entities.
The report further revealed that every major Iranian exchange routed between 5% and 15% of its total transaction volume through CoinEx. Several smaller exchanges also maintained direct connections. TRM Labs suggested this widespread usage points to CoinEx functioning as either a preferred international gateway for Iranian crypto firms or actively attracting users across Iran's digital asset industry.
ViaBTC Mining Pool Tied to $154M in Nobitex Payouts
TRM Labs also linked CoinEx-affiliated mining pool ViaBTC to over $154 million in mining payouts associated with Nobitex. During a major cyberattack on Nobitex in 2025, ViaBTC provided emergency liquidity. Additionally, the report traced approximately $67 million from the Central Bank of Iran flowing through CoinEx between June 2025 and June 2026, which formed part of a multi-chain money laundering operation.
The report noted that CoinEx interacted with wallets linked to sanctioned Russian entities and the Islamic Revolutionary Guard Corps. Earlier reporting by The Wall Street Journal indicated that part of the cryptocurrency stolen in the $1.5 billion Bybit hack passed through CoinEx via Iranian wallets.
CoinEx Faced Prior Regulatory Actions
TRM Labs pointed out that CoinEx had previously faced legal action from the New York Attorney General, regulatory investigations in Germany, and a ban in Thailand. The exchange is no longer registered with either the U.S. Financial Crimes Enforcement Network or Lithuania's financial crimes authority.
OFAC Sanctions Miss CoinEx Despite Broader Crackdown
Earlier this month, the U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned four major Iranian exchanges, including Nobitex, for sanctions evasion and terrorist financing. CoinEx was not included. TRM Labs Global Head of Policy Ari Redbord stated that while recent sanctions disrupted most of Iran's domestic crypto trading volume, international gateways supporting those networks continue to operate, and future enforcement should focus on cross-border platforms.