CoinEx processed $3.84B in Iran-linked crypto flows

A cryptocurrency exchange has processed billions of dollars in transactions linked to sanctioned Iranian entities, according to a new report based on blockchain intelligence. The Seychelles-based platform CoinEx has facilitated over $3.84 billion in flows tied to Iran since 2019, with the funds moving through a network of more than 60 Iranian entities.

The largest share, approximately $2.7 billion, was linked to Nobitex, Iran’s largest domestic cryptocurrency exchange. Analysis indicates that Nobitex sent about $360 million more to CoinEx than it received, suggesting a systematic outward flow of cryptocurrency from Iran seeking international liquidity. The report states that every major Iranian exchange routed between 5% and 15% of its total transaction volume through CoinEx, indicating a coordinated arrangement.

The findings also connect a portion of the funds to wallets associated with the Islamic Revolutionary Guard Corps, a U.S.-designated foreign terrorist organization. Furthermore, investigators traced some funds back to two wallets controlled by the Central Bank of Iran, which were part of a multi-chain laundering scheme between June 2025 and June 2026. A separate portion...