Iran Funneled $3.84B Through CoinEx To Dodge US Sanctions

Iranian entities funneled approximately $3.84 billion through crypto exchange CoinEx between 2019 and 2026 to bypass US sanctions, the Wall Street Journal reported, citing analysis from blockchain intelligence firm TRM Labs.

TRM Labs traced the flows back to Iran's Central Bank, with funds moving primarily as USDT stablecoins through a series of intermediary wallets before landing at CoinEx. Iran's largest domestic exchange, Nobitex, served as the entry point into the chain, while CoinEx functioned as the off-ramp to global markets. At peak activity, transaction volumes between the two platforms hit $763 million in a single year. TRM Labs identified more than 60 Iranian entities involved in the transactions.

Nobitex Sanctioned, CoinEx Tightens Controls

The findings arrive against a backdrop of intensifying US enforcement. On June 2, 2026, the Treasury Department's Office of Foreign Assets Control (OFAC) designated Nobitex, along with three other Iranian digital asset exchanges, as part of the Trump administration's Economic Fury campaign targeting the Iranian regime's use of digital assets for sanctions evasion and terror finance.

In response to the scrutiny, CoinEx has moved to implement enhanced Know Your Customer protocols and has restricted access for users based in Iran, though critics have characterised these steps as reactive rather than proactive.

Scale Could Be Far Larger

The $3.84 billion figure is likely a conservative estimate. Privacy tools and peer-to-peer transactions remain difficult to trace, meaning the true volume of Iran-linked flows through CoinEx could be significantly higher. Iran's broader crypto economy has grown sharply in recent years: TRM Labs and Chainalysis estimate total Iranian crypto transaction volumes reached between $8 billion and $10 billion in 2025, as both state actors and ordinary citizens turned to digital assets to access hard currency and sidestep a crippled traditional financial system.

The CoinEx case illustrates a wider pattern that US regulators are working to address, shifting enforcement focus from individual wallets to the crypto infrastructure that sanctioned actors rely on to move money across borders.

Sources:
Value The Markets: How Iranian Entities Circumvent Sanctions Through CoinEx
US Treasury: OFAC Designates Nobitex and Iranian Digital Asset Exchanges
CoinDesk: US Treasury Probes Crypto Exchanges Over Iran Sanctions Evasion