Here’s How CoinEx Became a Critical Gateway for Iran’s Crypto Economy

More than $3.84 billion in blockchain transactions have been traced between crypto exchange CoinEx and sanctioned Iranian entities over a period of more than seven years.

The findings come shortly after the US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four Iranian exchanges, Nobitex, BitPin, Wallex, and Ramzinex, under Executive Orders 13224 and 13902.

TRM Maps CoinEx’s Expanding Iran Connections

According to the latest report by TRM Labs, the four exchanges represented roughly $7.7 billion, or 78%, of Iran’s estimated $10 billion in attributed crypto activity in 2025. Despite repeated enforcement actions, Iran’s annual crypto volumes have remained high. CoinEx, which was founded in 2017 by Haipo Yang and operated through entities in several jurisdictions, has processed more than $79 billion in trading volume.

The exchange has also faced regulatory actions in several countries. TRM’s findings reveal that CoinEx is the largest external counterparty of Iran’s biggest crypto exchange, Nobitex. Since late 2018, more than $2.7 billion has moved between the two platforms through roughly 6.2 million blockchain transfers, averaging about $1 million per day. Nobitex has sent around $360 million more to CoinEx than it received, which suggests that funds are consistently moving from Iran to international markets through CoinEx.

Activity between the two exchanges rose from about $13 million in 2020 to $575 million in 2021. After declining in 2022 and 2023, volumes recovered to $714 million in 2024 and $763 million in 2025. In fact, CoinEx accounted for over 16% of Nobitex’s yearly transaction activity.

TRM also identified direct links between CoinEx and more than 60 Iranian crypto businesses, including Wallex, Ramzinex, BitPin, Aban Tether, Excoino, Bit24, Ompfinex, Sarmayex, and Exir. The report said a similar share of transaction volumes was routed through CoinEx across multiple Iranian exchanges, along with the gradual onboarding of platforms over several years, which points to an organized relationship rather than independent market behavior.

The blockchain intelligence company further found that around $67 million originating from the Central Bank of Iran reached CoinEx through a complex laundering structure between June 2025 and June 2026. Funds reportedly moved through multiple blockchains, cross-chain bridges, Gnosis Safe contracts, and Aave tokens before eventually reaching CoinEx. The exchange also allegedly provided transaction fees that helped support these transfers.

ViaBTC, a mining pool operated by CoinEx’s parent company, was also closely tied to Iran. TRM traced more than $154 million between ViaBTC and Nobitex-linked wallets, and most transfers flowed from the mining pool to Iranian wallets. Following the 2025 cyberattack on Nobitex, previously inactive mining wallets transferred about $2.7 million to a new Nobitex wallet. ViaBTC also appeared in the transaction chain, which indicates that mining reserves were used to restore liquidity.

Conflict Altered Transaction Patterns

CoinEx’s exposure to wallets linked to the IRGC, Palestinian Islamic Jihad, Hezbollah, Garantex, Bitzlato, the CoinEx hack, BlackSuit ransomware, and the Wasabi mixing service was also found by TRM. Transaction patterns changed after the US-Iran-Israel conflict intensified in early 2026. Average transfer sizes increased sharply, and larger transactions became more common.

After OFAC sanctioned several Iranian exchanges earlier this month, transaction volumes between CoinEx and Iranian entities fell significantly, although the firm noted that private exchange accounts could still allow activity to continue outside public blockchain visibility.

Meanwhile, CoinEx denied having any relationship with the Iranian government or sanctioned entities and said it has never provided funding or support to them. The exchange further asserted that blockchain transactions do not prove involvement in illegal activity.

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