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Guavy AI Editorial Team••Sentiment: -3•Clout: 72

CoinEx Processed $3.8B for Sanctioned Iran Entities: Blockchain Analysis

BNB

CoinEx, a cryptocurrency exchange founded in 2017 by Haipo Yang, has processed over $3.84 billion in transactions linked to sanctioned Iranian entities.

A blockchain intelligence firm called TRM Labs made this discovery, tracing the flows between CoinEx and these entities over seven years.

The exchange built a presence in Iran and became Nobitex's single largest foreign counterparty by 2024, replacing Binance. More than $763 million moved between CoinEx and Nobitex in 2025 alone.

In June 2026, the US Treasury's OFAC sanctioned four Iranian exchanges, including Nobitex, BitPin, Wallex, and Ramzinex. After this, CoinEx cycled its hot wallets, and volumes dropped to below $150,000.