CoinEx Becomes Iran's Crypto Exit Ramp as Binance Exits Under Sanctions Pressure

CoinEx has become Iran's primary exit ramp for cryptocurrency transactions, processing over $3.84 billion in funds linked to Iranian entities since 2019.

The exchange rose to prominence after Binance, its main competitor, pulled back from the market under US sanctions pressure.

According to TRM Labs' analysis, CoinEx now serves as the largest foreign counterparty to Nobitex, Iran's domestic exchange, with over $763 million in transactions between the two platforms last year alone.