TRM Labs linked CoinEx to $3.84B sanctioned Iranian cryptocurrency flows. Major Iranian exchanges routed transactions through CoinEx for international liquidity. OFAC sanctioned Nobitex while
Blockchain intelligence firm TRM Labs has linked cryptocurrency exchange CoinEx to more than $3.84 billion in transactions involving sanctioned Iranian entities. According to the firm’s latest report, the findings suggest CoinEx became a significant international channel for Iranian crypto activity between 2019 and 2026.
According to TRM Labs, more than 60 Iranian entities transferred funds through the Seychelles-based exchange during the period. The report identified Iranian exchange Nobitex as the largest contributor, accounting for nearly $2.7 billion of the total transaction volume linked to CoinEx.
The report also found that Nobitex sent approximately $360 million more to CoinEx than it received. According to TRM Labs, that transaction imbalance indicates cryptocurrency consistently moved out of Iran through CoinEx before reaching international markets. Consequently, the firm said the exchange played a key role in providing access to global liquidity despite international sanctions.
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According to TRM Labs, CoinEx’s relationship with Nobitex reflects a broader pattern across Iran’s cryptocurrency market. The report stated that every major Iranian exchange routed between 5% and 15% of its total transaction volume through CoinEx. Additionally, several smaller exchanges reportedly maintained direct connections with the platform.
TRM Labs said this widespread usage suggests CoinEx either operated as a preferred international gateway for Iranian crypto firms or actively attracted users across the country’s digital asset industry.
Moreover, the report linked CoinEx’s affiliated mining pool, ViaBTC, to more than $154 million in mining payouts associated with Nobitex. According to TRM Labs, ViaBTC also provided emergency liquidity after Nobitex suffered a major cyberattack in 2025.
Additionally, the report traced approximately $67 million from the Central Bank of Iran through CoinEx between June 2025 and June 2026. According to TRM Labs, those transfers formed part of a multi-chain laundering operation.
The report further stated that CoinEx interacted with wallets linked to sanctioned Russian entities and the Islamic Revolutionary Guard Corps. Earlier reporting by The Wall Street Journal also indicated that part of the cryptocurrency stolen during the $1.5 billion Bybit hack passed through CoinEx using Iranian wallets.
According to TRM Labs, CoinEx previously faced legal action from the New York Attorney General, regulatory investigations in Germany, and a ban in Thailand. The firm also noted that the exchange is no longer registered with either the U.S. Financial Crimes Enforcement Network or Lithuania’s financial crimes authority.
Earlier this month, the U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned four major Iranian exchanges, including Nobitex, for sanctions evasion, terrorist financing, and other illicit financial activity. CoinEx was not included in those designations.
According to TRM Labs Global Head of Policy Ari Redbord, the latest sanctions disrupted most of Iran’s domestic cryptocurrency trading volume. However, he said international gateways that support those networks continue operating. Consequently, he argued that future enforcement efforts should increasingly focus on those cross-border platforms.
TRM Labs, international cryptocurrency exchanges remain an important part of Iran’s digital asset ecosystem. The report suggests regulators may increasingly scrutinize global platforms that facilitate cross-border crypto flows linked to sanctioned jurisdictions.
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