The Wall Street Journal reported that Iranian entities funneled $3.84 billion through crypto exchange CoinEx since 2019 to circumvent U.S. sanctions. The analysis, by blockchain intelligence firm TRM Labs, traced funds to wallets linked to Iran’s Central Bank and domestic exchange Nobitex.
Nobitex served as the on-ramp, while CoinEx became the off-ramp to global markets. At peak volume, annual transactions between the two platforms hit $763 million. By 2024, CoinEx was Nobitex’s largest foreign counterparty-a role previously held by Binance before it tightened sanctions compliance.
CoinEx, founded in 2017 and operating from the Seychelles, announced new know-your-customer measures and access restrictions for Iran-based users after the report. On June 2, 2026, U.S. authorities sanctioned Nobitex, citing ties to the Islamic Revolutionary Guard Corps. More than 60 Iranian entities are linked to the flows, but the true volume is likely far higher due to privacy tools and peer-to-peer transfers.