CoinEx Facilitates $3.8B in Transactions Linked to Iranian Entities

A new investigation has found that wallets linked to Iranian entities have moved over $3.8 billion through CoinEx, a major cryptocurrency exchange, between 2019 and 2026.

The report by TRM Labs identified extensive transaction activity involving CoinEx, Iran's largest domestic crypto exchange Nobitex, and wallets allegedly connected to state-linked organizations, including Iran's Central Bank and entities associated with the Islamic Revolutionary Guard Corps (IRGC).

CoinEx emerged as a major foreign counterparty to Nobitex, surpassing Binance in 2024 after the latter faced enforcement actions related to sanctions compliance.

The investigation also found that portions of cryptocurrency stolen during the $1.5 billion Bybit hack were routed through Iranian wallets before reaching CoinEx deposit addresses.