Iran moves billions via CoinEx despite sanctions

The Wall Street Journalhttps://www.wsj.com/finance/currencies/how-a-crypto-exchange-became-a-major-hub-for-illicit-iranian-cash-46e771a2?mod=Searchresults reports that Iranian entities have moved more than $3.84 billion via the crypto exchange CoinEx. According to researchers, the platform serves as a key channel to circumvent US economic sanctions. Analysts discovered unusual transactions this year from two wallets under the control of Iran’s central bank. Further investigation revealed connections to $1.5 billion in goods stolen from Bybit by North Korean hackers.

CoinEx denies ties with Iran

CoinEx has strongly denied the allegations from the WSJ. The platform states that it has no commercial ties with the Iranian government or entities linked to the Islamic Revolutionary Guard Corps. CoinEx also says its domain has long been blocked in Iran. The transactions mentioned in the report took place before the relevant sanctions came into effect, according to the crypto exchange.

CoinEx also helped freeze stolen assets from Bybit, in line with international efforts to combat cybercrime. The platform adds that third-party blockchain analysis has limitations and cannot on its own prove that CoinEx intentionally acted improperly.

Stricter oversight and blocks

Following sanctions on Iranian platforms such as Nobitex, CoinEx is working on an extensive investigation and exit process. The platform now blocks registrations from Iran, strengthens geographic controls and improves anti-money laundering monitoring. These measures align with international regulations that crypto exchanges must navigate.

Read the full report at WSJ.