The crypto industry is once again facing questions about sanctions compliance. A recent report claims that Iranian entities moved roughly $3.84 billion through CoinEx crypto exchange between 2019 and 2026.
The findings come from blockchain intelligence firm TRM Labs. Researchers traced transactions linked to Iran’s Central Bank and the domestic exchange Nobitex. According to the report, these funds flowed through several intermediary wallets before reaching CoinEx, giving users access to global crypto markets despite international sanctions.
The scale of the activity is significant. At its peak, transaction volume between Nobitex and CoinEx reached $763 million in a single year.
Also Read: US Treasury Expands Economic Fury Sanctions on Iran’s Major Crypto Exchanges
CoinEx Crypto Exchange Became Key Gateway
Nobitex is Iran’s largest cryptocurrency exchange. It reportedly acted as the main entry point for funds moving out of the country. CoinEx served as the destination where those assets could access broader international liquidity.
By 2024, CoinEx had become Nobitex’s largest foreign counterparty. That role was previously associated with Binance. However, Binance reduced its exposure after strengthening sanctions controls and compliance procedures.
Founded in 2017 by Haipo Yang and headquartered in the Seychelles, CoinEx has since announced stricter Know Your Customer requirements. The exchange also says it is restricting access for users based in Iran.
CoinEx Crypto Exchange and Investor Risk
The issue gained further attention after U.S. authorities sanctioned Nobitex on June 2, 2026. Officials cited alleged links between the exchange and organizations including the Islamic Revolutionary Guard Corps. TRM Labs identified more than 60 Iranian entities connected to the crypto flows.
The reported $3.84 billion likely represents only the transactions visible through blockchain analysis. The true figure could be much higher because some activity occurs through privacy tools, peer-to-peer transfers, and chain-hopping techniques.
For investors, the lesson is simple. Compliance is no longer a secondary issue. Exchanges that invest heavily in monitoring and regulatory controls often reduce long-term risk for their users.
Every enforcement action strengthens the competitive position of platforms that prioritize compliance. As a result, choosing an exchange is not just about fees and features. It is also about trust, transparency, and risk management.
Also Read: CoinEx Crypto Exchange Heist: $54 Million and Counting
