More than $3.84 billion in blockchain transactions between cryptocurrency exchange CoinEx and sanctioned Iranian entities have been traced over more than seven years.
These findings come shortly after the US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on four Iranian exchanges, Nobitex, BitPin, Walex, and Ramzinex, under Executive Orders 13224 and 13902.
TRM maps CoinEx’s expanding connections to Iran
According to the latest report from TRM Labs, the four exchanges account for approximately $7.7 billion, or 78%, of Iran’s estimated $10 billion in attributable cryptocurrency activity in 2025. Despite repeated enforcement actions, annual cryptocurrency volumes in Iran have remained high. CoinEx, which was founded by Haipo Yang in 2017 and operates through entities in multiple jurisdictions, has processed more than $79 billion in trading volume.
The exchange has also faced regulatory action in several countries. TRM results reveals CoinEx is the largest third party to the largest cryptocurrency exchange in Iran, Nobitex. Since late 2018, more than $2.7 billion has been transferred between the two platforms through nearly 6.2 million blockchain transfers, averaging about $1 million per day. Nobitex sent about $360 million more to CoinEx than it received, indicating that money is constantly moving from Iran to international markets through CoinEx.
Activity between the two exchanges rose from approximately $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 more than 16% of Nobitex’s annual transaction activity.
TRM also identified direct links between CoinEx and more than 60 Iranian cryptocurrency companies, including Wallex, Ramzinex, BitPin, Aban Tether, Excoino, Bit24, Ompfinex, Sarmayex, and Exir. A similar share of transaction volumes were routed through CoinEx across several Iranian exchanges, along with the gradual consolidation of platforms over several years, suggesting a regulated relationship rather than independent market behavior, the report said.
The blockchain intelligence firm also found that approximately US$67 million originating from the Central Bank of Iran arrived at CoinEx through a complex laundering structure between June 2025 and June 2026. The funds reportedly moved across multiple blockchains, cross-chain bridges, Gnosis Safe contracts, and Aave tokens before eventually arriving at CoinEx. The exchange also allegedly provided transaction fees that helped support these transfers.
ViaBTC, a mining pool run by CoinEx’s parent company, has also been closely linked to Iran. TRM tracked more than $154 million between wallets linked to ViaBTC and Nobitex, with most of the transfers flowing from the mining pool to Iranian wallets. After the 2025 cyber attack on Nobitex, previously inactive mining wallets transferred about $2.7 million to the new Nobitex wallet. ViaBTC also appeared in the transaction chain, indicating that mining reserves were being used to restore liquidity.
Changing transaction patterns due to conflict
CoinEx exposure to wallets linked to the Iranian Revolutionary Guard, Palestinian Islamic Jihad, Hezbollah, Garantex, Bitzlato, the CoinEx hack, BlackSuit ransomware, and the Wasabi mixing service were also found to be compromised by TRM. Transaction patterns have changed after the conflict between the United States, Iran, and Israel intensified in early 2026. Average transfer sizes have increased sharply, and larger transactions have become more common.
After the Office of Foreign Assets Control punished On several Iranian exchanges earlier this month, the volume of transactions between CoinEx and Iranian entities decreased significantly, although the company noted that private exchange accounts still allow activity to continue outside of public blockchain visibility.
Meanwhile, CoinX to reject It has no relationship with the Iranian government or sanctioned entities, and has said it has never provided funding or support to them. The exchange also emphasized that blockchain transactions do not prove involvement in illegal activity.
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