CoinEx Rejects Iran Links After $3.84 Billion Sanctions Report

Highlights:

• CoinEx has denied commercial relationships with Iranian state bodies, exchanges, or sanctioned groups.
• TRM Labs traced $3.84 billion between the exchange and sanctioned Iranian crypto entities.
• The exchange strengthened geofencing, user screening, transaction monitoring, and account offboarding.

CoinEx has rejected allegations that it acted as a major gateway for sanctioned Iranian crypto businesses. The Seychelles-registered exchange responded after The Wall Street Journal cited $3.84 billion in Iran-linked transactions since 2019.

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TRM Labs traced those flows from the platform and over 60 Iranian crypto services. The analysis traced approximately $2.7 billion to the largest digital currency exchange in Iran, Nobitex. The intelligence firm argued that the volume suggested coordinated activity rather than ordinary market traffic. It also reported exposure to wallets associated with sanctioned organizations and militant groups.

However, the exchange in a statement via X on June 25 denied any commercial relationship with Iranian state bodies, domestic exchanges, or sanctioned parties.

CoinEx Official Statement Regarding The Wall Street Journal Report

CoinEx is aware of the recent report published by The Wall Street Journal. We fully respect media oversight and press freedom, and understand the public's heightened concern regarding compliance, anti-money…

— CoinEx Global (@coinexcom) June 25, 2026

CoinEx Rejects Claims of Organized Iran Links

The company said it never opened an office or operating business in Iran. Also, it pointed to Iran’s 2021 decision to block its official website. The exchange said independent users promoted its referral program without the company’s direction.

Furthermore, the company refused to classify normal customer activity as state-backed sanctions evasion. It stated that evidence of transactions does not prove knowledge, approval, or direct involvement.

The statement also addressed transactions with Alireza Derakhshan and Zedcex, which have been reported to be linked to Babak Zanjani. The company said those transfers occurred before the United States sanctions covered the named parties. Therefore, it maintained that it never knowingly served them after their designations.

Blockchain Data Fuels the Central Dispute

The company challenged the methods used to calculate the reported $3.84 billion total. It said investigators combined incoming and outgoing flows, creating a potentially inflated figure. Blockchain transfers often cross several services before reaching their final destination. As a result, one platform’s appearance does not necessarily show control or intent.

The statement also said analytics companies may assign different labels to the same wallet. Therefore, conclusions can change depending on attribution methods and transaction clustering. TRM Labs, however, described the platform as Nobitex’s largest trading partner. The report also cited roughly $6 million involving wallets associated with Iran’s Revolutionary Guard. It identified another $374,000 connected to Palestinian Islamic Jihad.

Meanwhile, investigators found links between Iranian central bank wallets and Bybit assets that North Korean hackers stole. The exchange said it assisted Bybit after learning about the theft. It reported blocking accounts and freezing assets connected with the incident. It also rejected any suggestion that it knowingly helped hackers launder stolen funds.

Tighter Controls Follow New Sanctions Pressure

The company said recent United States sanctions prompted a broad review of Iran-related exposure. Authorities recently targeted Nobitex, Wallex, Bitpin, and Ramzinex. Following those actions, the exchange began rejecting registrations from Iranian regions. It also started removing confirmed Iranian accounts through its compliance process.

As talks falter, Treasury announces more Iran sanctions pic.twitter.com/mcVs2lBykw

— Elizabeth Hagedorn (@ElizHagedorn) June 2, 2026

At the same time, the company expanded geofencing and regional access restrictions. It said sanctioned accounts and linked assets would face restrictions or freezes. The exchange also strengthened its know-your-transaction system. Those changes target high-risk addresses, sanctioned regions, and unusual transfer routes.

Meanwhile, compliance teams will review accounts that use the platform mainly as a transit point. The company said it will continue investing in screening and transaction monitoring.

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