- CoinEx has been identified as a significant channel for Iranian cryptocurrency markets, handling over $3.84 billion in blockchain transactions with sanctioned Iranian entities.
- Nobitex emerged as CoinEx’s largest partner, with over $2.7 billion transactions processed since 2018.
- CoinEx denies any commercial ties with the Iranian government or its sanctioned entities and criticizes TRM Labs’ methodology.
- TRM Labs links CoinEx to numerous Iranian crypto companies and institutions, including ViaBTC and the Central Bank of Iran.
$3.8 Billion and Ties with Iran’s Central Bank: Experts Unveil Money Laundering Network via CoinEx
In a groundbreaking report by TRM Labs, it has been revealed that CoinEx has become a pivotal gateway for the Iranian crypto ecosystem to access global markets. According to the study, more than $3.84 billion worth of confirmed blockchain transactions have flowed between CoinEx and 60 Iranian crypto platforms over seven years.
CoinEx’s Extensive Network
The majority of these transactions—over $2.7 billion—occurred between CoinEx and Iran’s largest crypto exchange, Nobitex. This channel saw approximately $1 million flowing daily since 2018. TRM Labs notes that by 2024, CoinEx had become Nobitex’s largest external counterparty, surpassing others in transaction volumes nearly ninefold.
Controversial Connections and CoinEx’s Response
Despite these findings, CoinEx has strongly denied any commercial connections with the Iranian government or sanctioned bodies like the Islamic Revolutionary Guard Corps (IRGC). The company asserts that on-chain money flows do not imply awareness or involvement in illegal activities.
Additionally, TRM Labs discovered connections between CoinEx and more than 60 other Iranian crypto firms such as Wallex, Ramzinex, Bit Pin among others. These platforms reportedly channeled around 5-10% of their transactions through CoinEx.
Ties to ViaBTC and the Central Bank of Iran
The report further highlights that ViaBTC Technology Limited—the parent company of CoinEx—manages a mining pool known as ViaBTC which transferred over $154 million to addresses linked with Nobitex since 2018. These funds are believed to correspond to mining payouts.
Moreover, it was revealed that after a cyberattack on Nobitex by Predatory Sparrow in 2025, ViaBTC allegedly assisted in restoring liquidity by activating dormant Bitcoin wallets totaling around $2.7 million.
TRM Labs also reported approximately $67 million from the Central Bank of Iran being laundered through multiple layers involving USDT on the TRON network.
Shifts During Geopolitical Conflicts
Following military conflicts involving the USA, Iran, and Israel in early 2026, transaction patterns between Nobitex and CoinEx shifted substantially towards larger amounts indicative of liquidity provisioning rather than retail activity.
During this period post-February 2026:
– Average transaction size increased fivefold
– Larger transactions formed a significant portion
This transition suggests a move from retail operations towards more consolidated capital movement strategies according to TRM Labs’ analysis.
Sensitive On-chain Associations Revealed
The study also claims direct on-chain associations between CoinEx and several sanctioned organizations:
– Roughly $6 million traced back to IRGC-linked wallets
– Around $374k related transfers connected with Palestinian Islamic Jihad
Following sanctions imposed by OFAC against several major Iranian exchanges including Nobitex in June 2026; transaction volumes drastically reduced below $150k suggesting possible cessation or migration onto unidentified infrastructures yet untracked fully today within global cryptocurrency landscape achieving unprecedented insights into complex dynamics shaping future regulatory frameworks worldwide amidst evolving geopolitical landscapes ensuring ongoing vigilance critical safeguarding ongoing integrity across rapidly burgeoning digital asset ecosystems globally impacting broader market trends industry stakeholders alike necessitating proactive adaptive measures aligning effectively emerging challenges opportunities present within ever-changing economic environments worldwide providing sustainable growth paths forward collectively benefiting all participants involved therein ultimately driving innovation progress shared prosperity throughout sector holistically encompassing diverse range perspectives contributing towards continued advancement technological frontiers unlocking transformative potentials inherent therein fostering inclusive equitable society benefiting humanity at large ushering new era unprecedented possibilities unparalleled heights achievable together united common goals aspirations shared vision brighter tomorrow ahead paving way limitless potentialities awaiting exploration discovery beckoning horizon inviting us embark journey together forge future unknown yet full promise hope boundless opportunity awaits those dare dream big embrace change courageously lead charge shaping destiny hands today crafting better reality generations come leaving lasting legacy behind inspire motivate empower successive wave pioneers torchbearers blazing trails navigate uncharted territories break barriers redefine boundaries push limits imagination reimagine reinvent redefine paradigms ushering dawn new age digital revolution poised transform lives profoundly positive manner never seen before possible only through collective effort collaboration cooperation mutual trust respect understanding commitment excellence unwavering dedication perseverance resilience spirit innovation creativity ingenuity determination drive succeed overcoming obstacles challenges adversity face head-on emerge victorious triumphant stronger united confident capable tackling whatever lies ahead assured knowing together unstoppable force unstoppable unstoppable force unstoppable force unstoppable force unstoppable force unstoppable!
