Crypto Exchange CoinEx Denies Iran Sanctions Claims After $3.84B Flow Report

TLDR

• CoinEx denied knowingly serving sanctioned Iranian entities.
• Iran-linked wallets allegedly moved $3.84B through CoinEx.
• CoinEx said cited transactions occurred before sanctions.
• The report said $763M moved between CoinEx and Nobitex in 2025.
• CoinEx said it blocked Iran registrations and tightened AML controls.

Crypto exchange CoinEx has denied allegations that it knowingly facilitated transactions for sanctioned Iranian entities after a report said Iran-linked wallets moved more than $3.84 billion through the Seychelles-based platform over the past six years.

The report, citing on-chain analysis, said CoinEx became a major foreign counterparty for Iranian crypto activity after other exchanges tightened sanctions compliance. It also said more than $763 million moved between CoinEx and Nobitex, Iran’s largest cryptocurrency exchange, in 2025 alone.

CoinEx rejected claims that it had commercial ties to the Iranian government, Iranian domestic exchanges, or entities connected to the Islamic Revolutionary Guard Corps. The exchange said its domain has long been blocked in Iran and that it has taken steps to reduce Iran-related exposure after recent sanctions activity.

CoinEx Rejects Claims of Sanctions Facilitation

CoinEx said it has never established a commercial relationship with Iranian government-related entities or domestic Iranian exchanges. The company also said it has not knowingly provided services to sanctioned individuals, organizations, or institutions.

The exchange said some transactions cited in the report occurred before the relevant sanctions were imposed. CoinEx referred to activity involving Alireza Derakhshan, who was accused by the United States of helping run a network tied to Iranian oil sales, and Zedcex, a London-registered crypto exchange linked by U.S. authorities to Iranian businessman Babak Zanjani.

CoinEx said those transactions took place before sanctions applied to those entities. The company also disputed the use of third-party blockchain analytics as conclusive evidence of intentional wrongdoing, arguing that on-chain data providers may produce different conclusions depending on methodology and attribution standards.

CoinEx founder Haipo Yang acknowledged that the exchange had been used by Iranian customers, but said the platform had no relationship with the Iranian government. The company also said it had never maintained an office in Iran and was blacklisted by Iranian authorities in 2021.

Report Cites $3.84B in Iran-Linked Flows

The report said blockchain intelligence firm TRM Labs traced activity involving more than 60 Iranian-linked entities. Wallets identified as having Iran-related connections allegedly transferred more than $3.84 billion through CoinEx since 2019.

The analysis also described CoinEx as the largest foreign counterparty to Nobitex, after Binance reduced Iran-related exposure through tighter compliance controls. Nobitex has been a central platform in Iran’s crypto market, which is used by both retail users and larger entities seeking access to digital assets.

The report also connected part of the $1.5 billion Bybit theft earlier this year to wallets attributed to Iran’s Central Bank. It said funds moved through several blockchains, decentralized finance protocols, and unhosted wallets before reaching Nobitex.

According to the report, about $67 million later entered CoinEx deposit accounts, where it mixed with other customer funds. CoinEx said it assisted Bybit in freezing stolen assets and aligned its actions with global law enforcement efforts against cybercrime.

Exchange Says Compliance Controls Were Tightened

CoinEx said it launched a broader Iran-related risk review after sanctions were imposed on Iranian exchanges, including Nobitex. The exchange said it has stopped accepting new users from Iran and has started removing existing Iranian accounts.

The company said it has blocked registrations from Iran, strengthened geofencing controls, expanded customer identification procedures, and enhanced anti-money laundering monitoring. It also said it is conducting an internal review of the transactions cited in the report.

Crypto remains widely used in Iran amid currency weakness and limited access to global financial systems. Researchers cited in the report estimated that about 13% of Iran’s population owns digital assets, with the country’s crypto market valued between $8 billion and $10 billion in 2025.

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