The Wall Street Journal reported that Iranian entities have funneled $3.84 billion through crypto exchange CoinEx since 2019, using the platform as a pressure valve to circumvent US sanctions. The findings, based on analysis by blockchain intelligence firm TRM Labs, trace funds back to wallets linked to Iran’s Central Bank and the domestic exchange Nobitex.
How the money moved
According to the WSJ report, funds from Iran’s Central Bank wallets, including USDT stablecoins, moved through various intermediary routes before landing on CoinEx. Nobitex, Iran’s largest domestic crypto exchange, served as the on-ramp. CoinEx became the off-ramp to global markets. At peak volume, transactions between the two platforms hit $763 million in a single year.
By 2024, CoinEx had become Nobitex’s largest foreign counterparty. That distinction previously belonged to Binance, the world’s biggest crypto exchange, which pulled back after implementing stricter sanctions compliance controls.
CoinEx was founded in 2017 by Haipo Yang and operates out of the Seychelles. The exchange has since said it is implementing new Know Your Customer measures and restricting access for Iran-based users.
