Global cryptocurrency exchange CoinEx has processed over $3.84 billion in flows linked to sanctioned Iranian entities since 2019, TRM Labs said.
According to a Wednesday blog post from the blockchain intelligence firm, the Seychelles-based crypto exchange has facilitated transactions tied to more than 60 Iranian entities. The largest share — about $2.7 billion — was linked to Iranian crypto exchange Nobitex.
"Nobitex has sent approximately $360 million more to CoinEx than it has received in return, indicating that cryptocurrency is systematically routed outward from Iran through CoinEx in search of international liquidity and global markets — crucial for a heavily sanctioned economy," TRM wrote.
TRM said CoinEx's connection to Nobitex is not an isolated case. According to the firm, every major Iranian exchange routes roughly 5% to 15% of its total transaction volume through CoinEx. This consistent baseline points to a coordinated arrangement, TRM said. Smaller, more obscure platforms also reportedly maintain direct exposure to CoinEx.
"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.
