Iran-linked entities moved $3.8B through CoinEx, TRM says

TRM Labs Tracks $3.8B in Crypto Flows

TRM Labs traced $3.8 billion moved by 60 sanctioned Iranian entities through CoinEx. The firm stated that the exchange’s 8% share of illicit transactions was substantially higher than its counterparts.

Iranian Exchange Exposure

Most major Iranian domestic exchanges route about 5% to 10% of their trading volume through CoinEx. According to TRM Labs, this indicates a “coordinated arrangement rather than organic adoption.”

CoinEx’s share of illicit transaction volume is nearly 8%, above the 0.3% threshold found at other compliant exchanges.

Related Activity

• CoinEx-affiliated mining pool ViaBTC accounted for another $154 million in traced exposure to Nobitex through mining payouts.
• ViaBTC supplied emergency liquidity to Nobitex following Predatory Sparrow’s $90 million hack in June 2025.
• Cointelegraph contacted ViaBTC for comment on TRM Labs' findings but had not received a response by publication.

Nobitex at the Center

Nobitex was at the center of Iran's “digital dollar pipeline” and handled about 50% of the country’s crypto trading volume, according to a June 2 report by blockchain forensics platform Chainalysis.

In May, Nobitex was reportedly linked to members of a powerful family with ties to Supreme Leader Ali Khamenei.

Sanctions and Enforcement

In January, the Office of Foreign Assets Control sanctioned UK-registered Zedcex and Zedxion for being used as front companies for the Iranian Revolutionary Guard Corps (IRGC).

Related: US authorities freeze $344M in crypto linked to Iran

Magazine: Inside the Iranian Bitcoin mining industry