CoinEx as Gateway for $3.8B Iran Funds Sparks Exchange Scrutiny
TRM Labs analysis shows CoinEx Iran flows reached $3.84 billion since 2019, routing transactions for sanctioned entities. Every major Iranian exchange
Summary
- TRM Labs analysis shows CoinEx Iran flows reached $3.84 billion since 2019, routing transactions for sanctioned entities.
- Every major Iranian exchange directed 5 to 10 percent of volume through CoinEx, indicating coordinated patterns tied to crypto sanctions.
- June 2026 reports from TRM Labs and the Wall Street Journal triggered fresh regulatory reviews weeks after OFAC actions on Iranian platforms.
TRM Labs released its June 2026 report. CoinEx processed $3.84 billion in crypto linked to Iranian entities since 2019. The report calls the platform the main bridge to global markets.
The flows connect to sanctioned groups including the IRGC and Hezbollah. Regulators opened scrutiny right after the data release.
The timing lines up with new OFAC sanctions on Iranian exchanges such as Ramzinex and Nobitex in early June 2026. The TRM Labs report reached the Wall Street Journal. It put hard numbers on CoinEx Iran activity and flagged multi-chain transfers from the Central Bank of Iran.
Context
Layered sanctions have pushed Iranian crypto activity higher. Traditional finance stays out of reach. CoinEx turned into the dominant on-ramp anyway.
Iran blacklisted CoinEx in 2021 and blocked its domain inside the country. That move limited direct user access. Exchange-level routing kept going.
TRM Labs traced every major Iranian platform. Each sent 5 to 10 percent of its volume through CoinEx. The pattern suggests deliberate coordination.
A separate $67 million trace from the Central Bank of Iran ran through CoinEx between June 2025 and June 2026. It used a multi-chain scheme.
Details
The TRM Labs report tracked these flows across years and chains. It spotted wallets tied to sanctioned entities moving funds in and out of CoinEx at scale. The analysis also flagged steady volume shares from Iranian exchanges.
CoinEx noted its 2021 blacklisting by Iran. The exchange has started an internal risk review after the June 2026 disclosures. Regulators now examine whether existing controls caught the activity in time.
"Iran-linked wallets moved over $3.84 billion in transactions through crypto exchange CoinEx since 2019, according to TRM Labs."
, Wall Street Journal (Source)
Outlook
Regulators will review CoinEx compliance records and Iranian exchange linkages in the coming months. The industry watches for more sanctions or enforcement tied to the TRM Labs findings on crypto sanctions.
