CoinEx has become one of the most important channels connecting Iran’s crypto market to global digital asset networks, processing billions of dollars in transactions with Iranian exchanges, including significant activity involving sanctioned entities.
According to a recent report from TRM Labs, four major exchanges accounted for approximately $7.7 billion, or 78 percent, of Iran’s estimated $10 billion in crypto activity during 2025.
Despite increasing regulatory scrutiny and enforcement actions, crypto activity in Iran has remained substantial. Founded in 2017 by Haipo Yang, CoinEx operates through entities in multiple jurisdictions and has processed more than $79 billion in trading volume.
The exchange has also faced regulatory challenges in several countries.
CoinEx and Iran’s Expanding Crypto Links
TRM Labs identified CoinEx as the largest external counterparty of Nobitex, Iran’s largest crypto exchange.
Since late 2018, more than $2.7 billion has moved between CoinEx and Nobitex through approximately 6.2 million blockchain transfers, averaging roughly $1 million in daily volume.
Notably, Nobitex has sent about $360 million more to CoinEx than it received, indicating a steady flow of capital from Iran into international crypto markets through the exchange.
Transaction activity between the two platforms grew significantly over the years, rising from around $13 million in 2020 to $575 million in 2021. Although volumes declined in 2022 and 2023, activity recovered strongly to $714 million in 2024 and $763 million in 2025.
At one point, CoinEx accounted for more than 16 percent of Nobitex’s annual transaction activity.
TRM Labs also uncovered 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 noted that similar transaction patterns appeared across multiple Iranian exchanges, suggesting a structured and sustained relationship with CoinEx rather than isolated market activity.
Funds Linked to Iran’s Central Bank and Mining Operations
TRM further reported that approximately $67 million linked to Central Bank of Iran reached CoinEx through a complex laundering network between June 2025 and June 2026.
The funds reportedly moved across multiple blockchains using cross chain bridges, Gnosis Safe contracts, and Aave based tokens before eventually reaching the exchange.
TRM also claimed that CoinEx indirectly facilitated these transfers through transaction fee support.
Additionally, ViaBTC, a mining pool operated by CoinEx’s parent company, was found to have close financial links to Iran.
Investigators traced more than $154 million in transactions between ViaBTC and wallets linked to Nobitex, with most of the transfers flowing from the mining pool to Iranian wallets.
Following the 2025 cyberattack on Nobitex, dormant mining wallets transferred roughly $2.7 million to a newly created Nobitex wallet. ViaBTC also appeared within the transaction chain, suggesting mining reserves may have been used to restore liquidity.
Geopolitical Tensions Changed Transaction Behavior
TRM Labs also identified CoinEx exposure to wallets linked to the Islamic Revolutionary Guard Corps, Palestinian Islamic Jihad, Hezbollah, Garantex, Bitzlato, BlackSuit, and Wasabi Wallet.
Transaction patterns shifted noticeably after tensions between the United States, Iran, and Israel escalated in early 2026. Average transaction sizes increased sharply, with larger transfers becoming more frequent.
After sanctions were imposed by Office of Foreign Assets Control on several Iranian exchanges earlier this month, transaction volumes between CoinEx and Iranian entities declined significantly.
However, TRM Labs noted that private exchange accounts could still enable activity beyond public blockchain visibility.
For its part, CoinEx denied any relationship with the Iranian government or sanctioned entities and stated that it has never provided funding or support to such groups.
The company also emphasized that blockchain transaction records alone do not prove involvement in illegal activities.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
