Key Takeaways
- Blockchain forensics firm TRM Labs identified more than $3.84 billion in cryptocurrency transactions between CoinEx and Iranian entities under US sanctions spanning seven years
- By 2024, CoinEx had displaced Binance to become the primary international counterparty for Nobitex, Iran’s dominant cryptocurrency exchange
- The Central Bank of Iran funneled $67 million through CoinEx using sophisticated multi-blockchain laundering techniques
- Direct blockchain connections link CoinEx to wallets associated with Iran’s Revolutionary Guard Corps, Hezbollah, and Palestinian Islamic Jihad
- Following OFAC’s June 2, 2026 sanctions against four major Iranian platforms, CoinEx rotated its operational wallets and transaction volumes plummeted below $150,000
A comprehensive investigation by blockchain analytics company TRM Labs has revealed that CoinEx—a cryptocurrency trading platform established in 2017 by former Tencent software engineer Haipo Yang—facilitated over $3.84 billion in digital asset transfers connected to sanctioned Iranian organizations.
Operating from its Seychelles registration, the exchange gradually established significant Iranian connections over multiple years. According to statements from previous staff members, CoinEx deployed business development personnel within Iran to attract customers, although the company officially disputes these claims.
How CoinEx Overtook Binance as Iran’s Primary International Exchange Partner
Historically, Binance maintained the position of largest international exchange counterparty to Nobitex, Iran’s most prominent domestic cryptocurrency platform. This dynamic shifted around 2022 following US enforcement actions against Binance, partly stemming from the platform’s acceptance of Iranian clients.
CoinEx assumed this leading role by 2024. During 2025 alone, over $763 million in cryptocurrency flowed between CoinEx and Nobitex, establishing CoinEx’s volume at nearly nine times that of the second-largest identified foreign exchange serving Nobitex.
From 2018 onward, approximately $2.7 billion has transferred between these two platforms through roughly 6.2 million separate transactions—averaging about $1 million daily.
Analysis shows Nobitex transferred approximately $360 million more to CoinEx than it received in return, indicating a net outflow of cryptocurrency from Iran toward international trading venues.
Central Bank of Iran Exploited CoinEx for Money Laundering Operations
TRM Labs’ investigation uncovered $67 million connected to Iran’s Central Bank that passed through CoinEx between June 2025 and June 2026. These funds navigated a complex, multi-layered operation utilizing both the Tron and Ethereum networks, decentralized finance platforms, and cross-chain bridge protocols before ultimately reaching CoinEx.
This operation was orchestrated through an organization known as the National Iranian Exchange operating within a system internally designated “National–Tether.” According to reports, CoinEx additionally supplied transaction fee funding that facilitated these laundering operations.
In a separate discovery made earlier this year, investigators determined that certain Central Bank wallets had connections to $1.5 billion stolen from the Bybit exchange by North Korean state-sponsored hackers.
Beyond the Central Bank connections, TRM’s analysis identified CoinEx exposure to over 60 Iranian cryptocurrency organizations, including major platforms like Wallex, Ramzinex, BitPin, and numerous smaller operations. Each significant Iranian exchange consistently routed approximately 5–10% of its aggregate trading volume through CoinEx—a uniform pattern that TRM analysts interpret as evidence of coordinated strategy rather than organic market dynamics.
Additionally, CoinEx maintains direct blockchain connections to wallets associated with Iran’s Revolutionary Guard Corps ($6 million), Palestinian Islamic Jihad ($374,000), and Hezbollah.
US Sanctions Trigger Dramatic Change in CoinEx Transaction Behavior
On June 2, 2026, the United States Treasury Department’s Office of Foreign Assets Control imposed sanctions 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 for 2025.
In response to the sanctions, CoinEx rotated its operational hot wallets. Transaction volumes between CoinEx and sanctioned Iranian organizations collapsed to levels below $150,000.
Prior to sanctions implementation, average transaction values between CoinEx and Nobitex measured approximately $435. Following escalating tensions between the United States, Iran, and Israel in late February 2026, this average surged to $2,110, with larger, consolidated transfers comprising an increasing proportion of overall activity.
Yang announced that CoinEx would refuse new Iranian registrations and was implementing measures to remove current Iranian users. The platform also initiated blocking of new account registrations from Iranian IP addresses. CoinEx officially denies any knowing facilitation of transactions involving sanctioned organizations.
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