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The cryptocurrency exchange CoinEx has issued a strong denial of recent allegations that the platform allegedly became a key channel for withdrawing funds from Iran in circumvention of U.S. sanctions. The claims involve $3.84 billion, which, according to analytical firm TRM Labs, passed through CoinEx and its affiliated structures over the past seven years.

In its official statement, CoinEx categorically denies any commercial relationships with Iranian government agencies or local trading platforms. The exchange emphasizes that it did not provide sanctioned individuals with tools for financing. Moreover, Iranian authorities added CoinEx to a blacklist back in 2021, and the platform's official domain was blocked within the country. According to the exchange's team, this fact completely refutes its role as an official financial channel for Iran.

CoinEx also denies having offices or employees in Iran, stating that the referral program was promoted solely by individual users without the company's involvement. "We categorically reject any claims that conflate ordinary user activity with state-level sanctions evasion," the statement reads.

TRM Labs Data: What Lies Behind the Numbers?

The investigation, based on TRM Labs data, paints a different picture. According to their analysis, over seven years, more than $3.84 billion passed through CoinEx, the affiliated mining pool ViaBTC, and over 60 Iranian crypto services. Particular attention is paid to the flow between CoinEx and the largest Iranian exchange, Nobitex: since November 2018, over 6.2 million transfers worth approximately $2.7 billion have been conducted between the platforms, averaging $1 million per day.

By 2025, CoinEx accounted for roughly 16% of Nobitex's turnover, outpacing the next largest external counterparty by nearly nine times. Meanwhile, Nobitex sent approximately $360 million more to CoinEx than it received back, which analysts say indicates active withdrawal of cryptocurrency from Iran to the global market. Interestingly, CoinEx filled this niche after Binance, previously Nobitex's main counterparty, was fined by the U.S. in 2023 for servicing Iranian clients.

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-layered money laundering scheme, traversing a chain of addresses and ultimately ending up on CoinEx. Analysts link these funds to assets stolen in the $1.5 billion Bybit hack, attributed to North Korean hackers.

In response to these allegations, CoinEx reminds that it itself fell victim to a cyberattack in 2023, losing about $80 million, which investigators linked to a North Korean group. "We are fully aware of the damage cybercrime inflicts on the crypto industry. We share the goals of global law enforcement agencies in combating hacker attacks," the exchange states.

After sanctions were imposed on Iranian exchanges, CoinEx strengthened controls over operations in the region. However, as noted in the statement, the ability to attribute blockchain transactions is limited and depends on the chosen analytical methodology.

Expert Perspective

The situation with CoinEx is a vivid example of the dilemma many cryptocurrency exchanges face under sanctions pressure. On one hand, platforms cannot fully control user actions, especially in a decentralized environment. On the other hand, TRM Labs data shows that the volume of flows between CoinEx and Iranian exchanges was so significant that it is difficult to explain as mere "ordinary activity." Perhaps the truth lies somewhere in between: CoinEx was not a deliberate tool of the Iranian state, but its weak compliance in the past made it a convenient channel for large-scale fund withdrawals. After the 2026 sanctions, volumes dropped below $150,000, but the question of new channels remains open. The market awaits a more transparent monitoring system.