TRM Labs Says CoinEx Processed $3.84 Billion for Sanctioned Iranian Entities Since 2019

Blockchain intelligence firm TRM Labs has published findings showing that global crypto exchange CoinEx processed over $3.84 billion in transactions tied to sanctioned Iranian entities since 2019 effectively functioning as Iran’s primary gateway to international crypto markets.

According to TRM, the flows involved more than 60 Iranian entities. The largest chunk around $2.7 billion was connected to Iranian crypto exchange Nobitex. TRM noted that Nobitex sent roughly $360 million more to CoinEx than it received back, suggesting crypto is being systematically routed out of Iran through the exchange to access global liquidity.

This Was Not an Isolated Relationship

TRM says the CoinEx-Nobitex connection is part of a much wider pattern. Every major Iranian exchange reportedly routes between 5% and 15% of its total transaction volume through CoinEx. Smaller, more obscure Iranian platforms also maintain direct exposure to the exchange.

“Full top-to-bottom market saturation of this kind suggests CoinEx is either functioning as a designated international cryptocurrency gateway within Iran or is actively soliciting the Iranian market across every tier,” TRM said.

CoinEx’s affiliated mining pool ViaBTC added another layer to the picture TRM traced over $154 million in mining payouts linked to Nobitex, and ViaBTC reportedly provided emergency liquidity to Nobitex after a major cyberattack in 2025.

Central Bank of Iran and IRGC Also Involved

TRM found that CoinEx processed around $67 million from the Central Bank of Iran as part of a multi-chain laundering scheme between June 2025 and June 2026. Beyond Iran, the exchange has also reportedly transacted with the Islamic Revolutionary Guard Corps and sanctioned Russian entities. Separately, a portion of funds from Bybit’s $1.5 billion hack — attributed to North Korea reportedly flowed into CoinEx through Iranian wallets.

CoinEx has faced regulatory trouble before, including a lawsuit from the New York Attorney General, a German investigation and a ban in Thailand. It is also no longer registered with US FinCEN or Lithuania’s financial crimes unit. Despite OFAC sanctioning four major Iranian exchanges including Nobitex earlier this month, CoinEx was not included in those designations.