Crypto news

The cryptocurrency exchange CoinEx categorically denies allegations that it served as a key channel for withdrawing funds from Iran in circumvention of U.S. sanctions. According to data from the analytical firm TRM Labs, over the past seven years, Iranian transactions worth approximately $3.84 billion have passed through the platform and related structures. However, the exchange insists that it did not maintain commercial relationships with Iranian state entities and did not provide sanctioned individuals with channels for financing.

CoinEx's Defense Arguments

CoinEx points to several key facts that refute the allegations. First, Iranian authorities blacklisted the exchange back in 2021, and the official domain was blocked in the country. This, according to the company, contradicts claims about its role as Iran's official financial channel. Second, CoinEx states that it did not open offices in Iran or hire local employees to develop its business. The referral program was promoted by individual users, not by the platform itself.

The exchange also emphasizes that after sanctions were imposed on Iranian crypto exchanges, it strengthened controls over operations in the region. CoinEx claims it shares the goals of global law enforcement agencies in combating cybercrime and helps block suspicious assets, as was the case with the Bybit hack. However, the company acknowledges that the ability to attribute transactions on the blockchain is limited and depends on the chosen analysis methodology.

TRM Labs Data: What the Numbers Show

According to the TRM Labs report, CoinEx accounts for nearly 8% of turnover associated with illicit activity, while for exchanges with operational compliance, this figure is about 0.3%. The main flow of funds occurred between CoinEx and the largest Iranian exchange, Nobitex: from November 2018, over $2.7 billion was transferred between the platforms in 6.2 million transactions, averaging about $1 million per day. By 2025, CoinEx provided approximately 16% of Nobitex's turnover, outpacing the next largest external counterparty by nearly nine times.

Notably, Nobitex sent $360 million more to CoinEx than it received back, indicating the withdrawal of cryptocurrency from Iran to the global market. After Binance was fined by the U.S. for servicing Iranian clients, CoinEx took its place as the primary external counterparty. Also mentioned is the mining pool ViaBTC, which transferred over $154 million to Nobitex wallets as mining payouts and helped the exchange restore liquidity after an attack.

A separate episode concerns the Central Bank of Iran: according to TRM Labs, from June 2025 to June 2026, approximately $67 million of the regulator's funds passed through a multi-step money laundering scheme along a chain of addresses and ultimately ended up on CoinEx. Analysts link this money to the $1.5 billion in assets stolen during the Bybit hack. However, after the U.S. imposed sanctions on Iranian exchanges in June 2026, the volume of transactions between CoinEx and Iranian platforms fell below $150,000.

Expert Opinion: The situation with CoinEx is a classic example of how the decentralized nature of cryptocurrencies clashes with strict regulatory requirements. Although the exchange demonstrates a willingness to cooperate, its reliance on user activity and limited monitoring capabilities make it vulnerable to allegations. The market should consider that after Binance's withdrawal from the Iranian direction, CoinEx effectively became the main channel for transactions, which inevitably attracts regulatory attention. Investors should monitor developments, as such precedents could lead to stricter KYC/AML requirements across all exchanges.