CoinEx Emerges as Key Channel for Iranian Crypto Flows Amid Sanctions

CoinEx has emerged as a key channel for Iranian cryptocurrency flows, according to a report by The Wall Street Journal. Over the past six years, more than $3.84 billion in cryptocurrency was moved through CoinEx from Iranian entities, helping connect Iran's crypto ecosystem to global markets despite US sanctions.

CoinEx has become the largest foreign counterparty to Iran's biggest cryptocurrency exchange, Nobitex, replacing Binance after it tightened sanctions compliance. The transactions were traced by blockchain intelligence firm TRM Labs using blockchain data.

The report highlights the challenges authorities face in enforcing sanctions through blockchain-based financial systems, where funds can move across multiple networks before reaching centralized exchanges.