CoinEx Denies Iran-Linked Crypto Flow Claims

TRM Labs Says CoinEx Was a Major Route for Iranian Crypto Platforms

TRM Labs said CoinEx became the single biggest trading partner of Nobitex, described as Iran’s largest crypto exchange. Nobitex accounted for around $2.7 billion of the flows tied to CoinEx, according to TRM Labs. The blockchain intelligence firm also said CoinEx had direct transaction exposure to more than 60 Iranian crypto platforms, and interpreted the pattern as suggesting a coordinated relationship rather than organic market activity.

WSJ reported that Iran-related actors transferred funds through CoinEx as part of an effort to evade sanctions. WSJ also alleged that on-chain data showed “an alarming series of transactions tied to two digital wallets controlled by the Central Bank of Iran,” citing TRM Labs. The Central Bank of Iran wallet allegation added a government-linked dimension to the claims around Iranian crypto flows.

WSJ’s author wrote, “After reaching the Iranian wallets, the money flowed through a complex maze of transactions. One destination was a crypto exchange that has become key to Iran’s ability to use cryptocurrency to evade far-reaching U.S. economic sanctions.” That description framed CoinEx as a destination in a broader transaction path involving Iranian wallets and sanctions pressure.

The allegations also touched on a separate North Korea-linked trail. WSJ reported that researchers traced some funds backward and found links to the Bybit theft attributed to North Korean hackers. According to that account, hacked funds moved into Iranian wallets and then through a complex set of transactions that included CoinEx-connected activity.

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CoinEx Rejects Claims of Active Assistance

CoinEx denied the allegations and said it has “never established any commercial relationship with Iranian government-related entities, Iranian domestic exchanges,” and has not “provided any form of active assistance to Iranian government agencies, Revolutionary Guard-related entities, or other sanctioned parties.”

CoinEx also said it had never provided funding channels of any sort and had never opened offices in Iran. The exchange said it was blacklisted by the Iranian government in 2021 and that its official domain was blocked inside the country, arguing that the status undermined the claim that it could serve as an official Iranian funding channel.

“This fact alone demonstrates that CoinEx is not a platform recognized, supported, or partnered with by Iranian authorities, nor does it have a realistic basis to serve as an official Iranian funding channel,” CoinEx said.

CoinEx said blockchain transaction flows should not be treated as proof that the exchange knowingly supported the activity. “Blockchain transactions are open, cross-platform, and traceable by nature. The fact that funds have passed through a platform onchain does not mean that the platform was aware of, supported, or participated in the related fund activity,” CoinEx said.

CoinEx also questioned the reliability of relying on one blockchain analytics provider as a definitive source. “Data from different third-party blockchain analytics platforms varies significantly, and data from any single platform should not be treated as definitive,” the exchange said.

CoinEx said it helped Bybit after the February 2025 hack by assisting with account blocking and asset freezing immediately after the incident. The exchange also said it would conduct an internal review of the transactions mentioned in the allegations.

CoinEx said some users had promoted the exchange through its global referral program, but said the exchange itself was not involved in any promotion in Iran. The exchange also said it had begun a review and exit process from all Iran-related exposure after the U.S. sanctioned Iranian exchanges.

The U.S. Treasury sanctioned multiple Iranian crypto exchanges at the start of June 2026 as part of a campaign against Iran’s government. The named exchanges included Nobitex, Wallex, Bitpin and Ramzinex. The allegations against CoinEx now raise the question of whether the exchange could face regulatory scrutiny, although no formal enforcement action against CoinEx was identified in the available information.

The dispute remains unresolved. TRM Labs framed CoinEx as a high-volume gateway for sanctioned Iranian crypto activity, while CoinEx said the evidence rests on overinterpreted blockchain-flow data that does not prove intent, partnership or support.