CoinEx, a global cryptocurrency exchange founded in 2017 by Haipo Yang, has become the primary gateway to global markets for Iran's domestic exchanges. According to TRM Labs' analysis, over $3.84 billion in flows between CoinEx and sanctioned Iranian entities have been traced since 2018.
The largest of these connections is with Nobitex, Iran's largest domestic cryptocurrency exchange, which has seen over $2.7 billion in transactions at an average rate of approximately $1 million per day since 2018. By 2024, CoinEx was Nobitex's single largest external counterparty, a pattern inconsistent with independent market behavior.
TRM Labs also found that every major Iranian domestic exchange routes approximately 5-10% of its total volume through CoinEx, indicating a coordinated arrangement rather than organic adoption. Additionally, CoinEx has direct on-chain exposure to the IRGC and other sanctioned entities.