CoinEx Exposed as Iran's Premier Crypto Gateway for Sanctioned Transactions

A comprehensive investigation by blockchain intelligence firm TRM Labs revealed that CoinEx facilitated over $3.84 billion in digital asset transfers connected to Iranian organizations under international sanctions.

CoinEx, a Seychelles-registered cryptocurrency exchange established in 2017 by Haipo Yang, emerged as the largest foreign counterparty for Nobitex, Iran's dominant domestic exchange, surpassing Binance in 2024.

The investigation found that CoinEx maintained direct blockchain connections to wallets associated with the Iranian Revolutionary Guard Corps (IRGC), Hezbollah, and Palestinian Islamic Jihad, with transactions amounting to over $6 million, $374,000, and an unknown figure respectively.