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The cryptocurrency exchange CoinEx has categorically denied allegations that it became the primary channel for withdrawing funds from Iran in circumvention of U.S. sanctions. According to data from the analytical firm TRM Labs, Iranian transactions totaling $3.84 billion passed through the platform and related structures over seven years. However, as I see it, this claim requires deeper analysis rather than simply being taken at face value.

In its statement, CoinEx emphasized that it did not maintain commercial relationships with Iranian state entities or local trading platforms and did not provide sanctioned individuals with channels for financing. Notably, Iranian authorities blacklisted CoinEx back in 2021, and the exchange's official domain was blocked in the country. According to the company, this fact completely refutes its role as Iran's official financial channel.

The exchange also stated that it did not open offices in Iran or hire business development employees in the region. The platform's referral program was promoted by individual users, and the company was not involved. "We categorically reject any allegations that conflate ordinary user activity with state-level sanctions evasion," CoinEx said in its official statement.

In the context of the recent Bybit hack, CoinEx reported that it helped the exchange block an account and freeze assets immediately after the incident, and also promised to conduct an internal review. CoinEx itself was the victim of a cyberattack worth approximately $80 million in 2023, which investigators linked to a North Korean group. "We are fully aware of the damage cybercrime causes to the crypto industry and user assets. We share the goals of global law enforcement agencies and blockchain security organizations in combating hacker attacks and tracking stolen funds," the exchange stated.

What do TRM Labs data actually show?

The investigation cited by accusers is based on TRM Labs data. According to their estimates, over seven years, more than $3.84 billion passed through CoinEx, its affiliated mining pool ViaBTC, and over 60 Iranian crypto services. CoinEx accounts for nearly 8% of turnover related to illicit activity, while for platforms with working compliance, this figure hovers around 0.3%. However, as I have repeatedly noted, TRM Labs' methodology raises questions—blockchain transaction attribution is limited and depends on the chosen analytical approach. CoinEx rightly points this out in its statement.

According to TRM Labs, the main flow occurred between CoinEx and the largest Iranian exchange, Nobitex. From November 2018, more than $2.7 billion passed between the platforms in 6.2 million transfers, averaging about $1 million per day. By 2025, CoinEx accounted for approximately 16% of Nobitex's turnover and was nearly nine times ahead of the next largest external counterparty. Meanwhile, Nobitex sent about $360 million more to CoinEx than it received back, which analysts say indicates the withdrawal of cryptocurrency from Iran to the global market.

It is important to note that CoinEx took this position after Binance. The largest exchange remained Nobitex's primary external counterparty for years, but in 2023, the U.S. fined it, including for servicing Iranian clients. By 2024, CoinEx had replaced it in this role. This is a classic example of "whack-a-mole" in sanctions policy: when one player is punished, another takes its place.

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 linked this money to the $1.5 billion in assets stolen in the Bybit hack, which investigators attribute to North Korean hackers.

After U.S. sanctions against Ramzinex, BitPin, Wallex, and Nobitex on June 2, 2026, the volume of transactions between CoinEx and Iranian exchanges fell below $150,000. However, analysts note that they cannot yet determine whether new channels have emerged to circumvent monitoring.

My expert conclusion: The situation with CoinEx is another example of how strict sanctions regimes create complex problems for global crypto platforms. On one hand, CoinEx demonstrates a willingness to cooperate with law enforcement and block suspicious assets. On the other hand, TRM Labs data indicates that the platform was indeed a major channel for Iranian funds, albeit not out of malicious intent but due to compliance shortcomings. The market needs clear and universal monitoring standards; otherwise, such allegations will recur time and again, undermining trust in the entire industry.