Blockchain analytics firm TRM Labs has reported that approximately $3.84 billion has been moved by around 60 sanctioned Iranian entities through the cryptocurrency exchange CoinEx since 2019. This activity positions CoinEx as a significant channel for bypassing U.S. economic sanctions.
Transaction Volume and Patterns
According to TRM Labs, a substantial portion of these funds—about $2.7 billion—has been transferred between CoinEx and Nobitex, Iran’s largest domestic cryptocurrency exchange. This flow has occurred at an average rate of $1 million per day since 2018. By 2024, CoinEx emerged as Nobitex’s largest external counterpart, with a transaction volume nearly nine times greater than that of the next-largest exchange. TRM Labs characterized this pattern as “inconsistent with independent market behaviour.”
U.S. Sanctions and Regulatory Actions
This report follows recent actions by the U.S. Treasury, which sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign. Treasury Secretary Scott Bessent noted that the Treasury had seized $1 billion in cryptocurrency from Iranian exchanges and wallets since the onset of the conflict.
CoinEx’s Response
In response to TRM Labs’ findings, CoinEx issued a statement on social media platform X, denying any commercial relationship with the Iranian government or domestic exchanges. The exchange asserted that it has never facilitated funding channels for sanctioned parties and challenged TRM Labs’ interpretation of blockchain data, claiming that on-chain fund flows do not indicate knowledge of or participation in illicit activities.
Market Dynamics and Implications
TRM Labs also highlighted that major Iranian exchanges route between 5% and 10% of their trading volume through CoinEx, suggesting a coordinated arrangement rather than organic market adoption. CoinEx’s share of illicit transaction volume stands at nearly 8%, significantly higher than the 0.3% threshold typically found at compliant exchanges.
Additionally, CoinEx-affiliated mining pool ViaBTC accounted for another $154 million in traced exposure to Nobitex through mining payouts, and it provided emergency liquidity to Nobitex following a significant hack in June 2025. Nobitex reportedly handles about 50% of Iran’s crypto trading volume and has been linked to influential figures in the Iranian government.
This article was produced by NeonPulse.today using human and AI-assisted editorial processes, based on publicly available information. Content may be edited for clarity and style.
