The cryptocurrency industry is once again in the spotlight as compliance with international sanctions takes center stage. According to a new report by TRM Labs, organizations linked to Iran conducted approximately $3.84 billion in transactions via CoinEx between 2019 and 2026. The flow of funds is alleged to have enabled access to global crypto markets despite wide-reaching international sanctions.
Key findings in the TRM Labs report
Blockchain analytics firm TRM Labs stated it has monitored transactions connected to both the Central Bank of Iran and the local Iranian crypto exchange Nobitex. The report found that before reaching CoinEx, the funds passed through a network of intermediary wallets. This complex structure made direct tracing of transactions more difficult and allowed users to tap into greater international liquidity.
Glossary: KYC stands for “Know Your Customer” rules. In this process, crypto exchanges verify users’ identities and monitor transaction risks to bolster compliance with anti-money laundering and sanctions regulations.
According to TRM Labs, Iranian-linked funds were funneled to CoinEx through a series of intermediary wallets, a structure that reportedly allowed users to access the global crypto market despite international sanctions.
Data in the report revealed that the transaction volume between Nobitex and CoinEx peaked at $763 million in a single year—a figure cited as one of the most striking indicators of the relationship between the two platforms.
The link between Nobitex and CoinEx
Nobitex, Iran’s largest crypto exchange, is said to have served as the main point of departure for assets leaving the country. CoinEx was described as the platform where these assets connected to wider international markets. As of 2024, the report suggests that CoinEx has become Nobitex’s largest foreign counterpart.
Previously, Binance reportedly played this role, but as Binance tightened its sanctions controls and compliance procedures, its connection with Nobitex diminished. This shift has increased CoinEx’s prominence as the key bridge linking Nobitex to international markets.
Sanctions process and regulatory pressure
Founded in 2017 by Haipo Yang and headquartered in Seychelles, CoinEx announced it has adopted stricter KYC procedures in recent years. The exchange also stated that it has limited access for users based in Iran. Nevertheless, the report highlights the significant scope of past transaction flows between Iranian entities and CoinEx.
The issue came to the fore when US authorities imposed sanctions on Nobitex on June 2, 2026, citing alleged links to groups including Iran’s Islamic Revolutionary Guard Corps. TRM Labs said it identified more than 60 Iranian organizations connected to these crypto flows.
Compliance grows more urgent for exchanges
The overarching picture underscored by the report shows that compliance and regulatory oversight are no longer secondary in the cryptocurrency market. As regulatory pressure increases, exchanges investing more in transaction monitoring and institutional controls appear better positioned to reduce user risk.
Recent waves of sanctions are further boosting the competitive strength of platforms that prioritize trust, transparency, and risk management. In this context, investors are reportedly giving closer attention to compliance policies, rather than focusing solely on trading fees and product offerings when choosing an exchange.
