More than $3.8 billion connected to sanctioned Iranian entities has flowed through the cryptocurrency exchange CoinEx since 2019, identifying the platform as a major conduit for evading US economic sanctions. Blockchain analytics firm TRM Labs traced these funds to approximately 60 Iranian platforms, highlighting a systematic pattern of cross-exchange transactions.
Of this total, roughly $2.7 billion moved between CoinEx and Nobitex, Iran’s largest domestic crypto exchange, at an average of about $1 million daily from 2018 onward. By early 2024, CoinEx had become Nobitex’s top external trading partner, its volume nearly nine times higher than any other exchange, a concentration TRM Labs described as atypical for an organically competitive market.
The report follows recent US Treasury actions that sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign, designed to disrupt financial networks supporting sanctioned entities. Treasury officials also revealed the seizure of $1 billion in crypto assets tied to Iranian exchanges and wallets since the outset of ongoing geopolitical conflicts.
CoinEx responded by denying any commercial links with the Iranian government or its domestic exchanges, asserting that observed on-chain transactions do not imply the platform’s involvement or knowledge of illicit activities. The exchange challenged TRM Labs’ interpretation, emphasizing that blockchain fund flows alone cannot establish complicity.
TRM Labs further noted that most major Iranian exchanges direct between 5% and 10% of their trading volume through CoinEx, suggesting a deliberate arrangement rather than organic adoption. This is reinforced by CoinEx’s illicit transaction share approaching 8%, significantly exceeding comparable thresholds found in compliant exchanges globally.
Additionally, CoinEx’s affiliated mining pool, ViaBTC, was linked to $154 million in exposure related to Nobitex, including emergency liquidity support following a high-profile $90 million hack in June 2025. Attempts to gather comments from ViaBTC on these findings remained unanswered as of publication.
Nobitex itself has been a focal point of Iran’s “digital dollar pipeline,” controlling around half of the country's crypto trading volume, according to blockchain forensics group Chainalysis. Links between Nobitex and influential political families connected to Supreme Leader Ali Khamenei have also surfaced amid increasing scrutiny.
Earlier sanctions targeted UK-registered companies allegedly serving as fronts for the Iranian Revolutionary Guard Corps, reflecting a broader crackdown on entities facilitating Iran’s use of cryptocurrency to circumvent restrictions.