CoinEx, the Seychelles‑registered exchange, faces scrutiny after TRM Labs disclosed that more than $3.84 billion in digital‑asset transfers were linked to Iranian entities subject to international sanctions.
Investigation Findings
Founded in 2017 by former Tencent engineer Haipo Yang, CoinEx operates under a Seychelles licence but allegedly cultivated deep connections with Iran over several years. Blockchain forensics traced the flow of funds to groups associated with the Islamic Revolutionary Guard Corps and Iran’s Central Bank, confirming the $3.84 billion figure reported by TRM Labs.
The shift in Iran’s crypto landscape began in 2022 when Binance withdrew services after U.S. regulatory pressure, prompting local traders to migrate to CoinEx. By 2024, CoinEx had effectively replaced Binance as the primary gateway for Iranian users seeking cross‑border crypto transactions.
Operational Ties to Iran
Former insiders claim CoinEx deployed business‑development agents inside Iran to attract domestic traders, despite the platform’s public denial of any on‑ground presence. These representatives reportedly facilitated onboarding processes and guided users through the exchange’s interface, strengthening the exchange’s foothold in the sanctioned market.
Market Impact
During 2025, more than $763 million moved between CoinEx and Nobitex, Iran’s largest crypto exchange, underscoring the platform’s role in the regional digital‑asset ecosystem. Investors worldwide are monitoring the fallout, as regulators may impose additional sanctions that could affect CoinEx’s access to the broader crypto market.