CoinEx processed more than $3.84 billion in cryptocurrency transactions linked to Iranian users, businesses, and exchanges between 2019 and 2026, according to a Wall Street Journal investigation. The findings position the Seychelles-based exchange as one of the most significant offshore trading venues used by participants in Iran’s crypto economy, offering access to global digital asset markets despite years of international sanctions and banking restrictions.
The investigation comes as U.S. authorities intensify scrutiny of Iran’s cryptocurrency sector. Earlier this month, the U.S. Treasury Department sanctioned Nobitex, Wallex, Bitpin, and Ramzinex, alleging the exchanges facilitated sanctions evasion and financial activity linked to the Islamic Revolutionary Guard Corps (IRGC). Against that backdrop, the CoinEx findings provide a closer look at how Iranian users and businesses continued to access international crypto liquidity through offshore platforms as regulatory pressure increased.
The developments also coincide with Iran’s broader efforts to integrate digital assets into commercial activities. Earlier this year, the country introduced a Bitcoin-based maritime insurance platform aimed at supporting shipping and trade operations outside traditional financial channels.
CoinEx’s Growing Role in Iran’s Crypto Economy
Blockchain analysis reviewed by the Journal identified extensive transaction activity between CoinEx and Nobitex, Iran’s largest cryptocurrency exchange. The relationship expanded as major global exchanges tightened sanctions controls and restricted access for users in sanctioned jurisdictions.
Transaction flows between CoinEx and Nobitex reportedly reached approximately $763 million during one peak year. By 2024, CoinEx had become Nobitex’s largest foreign counterparty, helping connect Iranian traders and businesses to international crypto liquidity after other major exchanges reduced their exposure to the market.
Investigators linked the activity to more than 60 Iranian crypto-related businesses and services, indicating that CoinEx had become deeply integrated into the country’s digital asset ecosystem.
Treasury Sanctions Spotlight Iran’s Exchange Network
The revelations follow a major enforcement action by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), which sanctioned Nobitex, Wallex, Bitpin, and Ramzinex on June 2 2026. Treasury alleged that the exchanges facilitated sanctions evasion and financial activity connected to the Islamic Revolutionary Guard Corps (IRGC).
According to Treasury, Nobitex accounted for more than half of all Iranian digital asset inflows during 2025, making it the country’s dominant crypto gateway. The agency also sanctioned several executives tied to the exchange, including co-founder and chairman Amir Hossein Rad and CEO Seyed Ali Khoee.
Treasury further alleged that Iranian institutions, including the Central Bank of Iran, used cryptocurrency infrastructure to gain access to international markets and dollar-pegged stablecoins despite longstanding economic restrictions.
The action marked one of Washington’s most significant moves against Iran’s crypto sector to date and followed growing concerns that domestic exchanges had become critical gateways for cross-border financial activity.
Following the Money
The transaction flows moved across several blockchain networks, including Tron, Ethereum, and BNB Chain, with stablecoins playing a significant role in cross-border transfers. Funds often passed through multiple intermediary wallets and services before reaching offshore exchanges.
Investigators also identified transactions involving wallets associated with previously reported illicit activity, including funds linked to the Bybit exploit. The analysis did not conclude that every transaction flowing through CoinEx was illicit, but it highlighted the scale of the exchange’s exposure to Iran-linked activity.
CoinEx Responds
CoinEx has not been sanctioned by U.S. authorities and has denied maintaining ties to the Iranian government. The exchange has previously stated that it operates compliance and transaction-monitoring programs designed to detect suspicious activity. Amid growing scrutiny, CoinEx reportedly restricted access for new users connecting from Iranian IP addresses and began winding down certain accounts associated with the jurisdiction. The company has maintained that it complies with applicable regulations in the markets where it operates.
Increasing Focus on Exchange Networks
The case reflects a broader shift in how regulators and blockchain investigators approach sanctions enforcement within the digital asset industry. Rather than focusing solely on individual wallets, authorities are increasingly examining the exchanges, brokers, and payment infrastructure that connect sanctioned jurisdictions to global crypto markets. Treasury has also warned that foreign financial institutions could face sanctions exposure for engaging in certain transactions involving designated Iranian exchanges.
The scrutiny mirrors broader compliance efforts across the crypto industry, where regulators have increasingly focused on how major exchanges monitor transaction flows involving users in sanctioned jurisdictions and high-risk regions.
Iran remains one of the most active cryptocurrency markets among sanctioned countries, driven by currency volatility, inflation, and limited access to traditional banking services. As oversight increases, exchange relationships and cross-platform transaction flows are becoming an increasingly important area of scrutiny for regulators and compliance teams.
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