Nearly $4B in crypto flowed between CoinEx and sanctioned Iranian entities over seven years. We break down the latest TRM Labs investigation.
TRM Labs’ report claims the scheme involves more than 60 Iranian platforms, including the largest local exchange, Nobitex. Nobitex accounted for $2.7B–about $1M per day since 2018.
Hot topic: Bitcoin Crashes Below $60K for First Time Since October 2024 — What’s Happening in Crypto on June 25
According to TRM Labs, every major Iranian exchange routes roughly from 5% to 10% of its volume through CoinEx, suggesting coordinated activity rather than organic platform choice. CoinEx categorically denies any commercial relationship with Iranian entities.
Contents
How the Scheme Worked: From Iran’s Central Bank to CoinEx
About $67M in funds from Iran’s Central Bank reached CoinEx addresses through a structured money laundering scheme spanning multiple blockchains from June 2025 to June 2026. Analysts say the Central Bank managed the infrastructure through the National Iranian Exchange in a scheme internally dubbed “National Tether.”
The mechanism followed a consistent pattern: NIE wallets received large USDT▲$0.9986 deposits on TRON, split them, bridged them to Ethereum (ETH), where funds entered Gnosis Safe multisig contracts and were converted to Aave (AAVE) tokens. The assets were then split again, bridged back, and ultimately consolidated on CoinEx for withdrawal.
TRM Labs also noted that CoinEx’s share of illicit transaction volume is nearly 8%–significantly above the 0.3% threshold typical of compliant exchanges. Affiliated mining pool ViaBTC added another $154M in links to Nobitex through mining payouts and provided emergency liquidity after a 2025 cyberattack.
Read more: The Darkest Days in Crypto History — 5 Market Crashes That Changed the Industry Forever
CoinEx Response: Denial and Commitment to Review
In response, CoinEx issued a statement rejecting the allegations. The exchange emphasized it has never established commercial relationships with Iranian exchanges or government-affiliated entities, never provided funding channels to sanctioned parties, and was blacklisted by Iran as early as 2021. CoinEx said on-chain data showing funds passing through the exchange does not prove its awareness of or support for illicit activity.
Following the June 2, 2026, OFAC sanctions against four Iranian exchanges, CoinEx initiated a full review and exit from all Iranian risks, implementing geo-blocking for the region.
Learn more: Crypto Airdrops 2026 — How to Find and Claim Safely
