CoinEx has rejected allegations that it cooperated with sanctioned Iranian entities, saying it has no ties to the Iranian government or restricted organizations and has already taken steps to eliminate exposure to the country. The statement comes after reports claimed that wallets linked to Iran processed more than $3.84 billion through the platform since 2019.
CoinEx denies ties to sanctioned entities
The exchange said it was blocked by Iranian authorities in 2021 and has since enforced strict controls to prevent access from restricted jurisdictions. It stated that it does not maintain relationships with Iranian government bodies, domestic exchanges, or sanctioned organizations, and that its services have not been knowingly used to facilitate transactions for such parties.
CoinEx also addressed specific transactions highlighted in the report, including links to Alireza Derakhshan and Zedcex/Zanjani, saying these occurred before U.S. Treasury sanctions were imposed. The company added that it stops providing services once sanctions status is identified and has launched internal reviews into the cases.
Scrutiny rises after fresh claims
The allegations follow recent U.S. Treasury action against Nobitex, Iran’s largest domestic digital asset exchange, on June 2, 2026. Authorities accused the platform of processing transactions for government-linked entities, including those associated with the Islamic Revolutionary Guard Corps, which reportedly handled more than half of Iran’s digital asset inflows in 2025.
Reports tying CoinEx to Iranian-linked wallets have increased scrutiny on the platform, with analysts suggesting it may have served as an alternative route to global markets as other exchanges tightened compliance.
Compliance measures and monitoring efforts
CoinEx said it has initiated a full review of any exposure to Iran following sanctions on Nobitex and other exchanges, alongside an exit process. Measures include blocking new registrations from the region, applying geofencing controls, strengthening transaction monitoring, and freezing accounts linked to sanctioned entities.
The platform said it is enhancing its Know Your Transaction (KYT) systems to better detect high-risk blockchain activity. Accounts suspected of links to restricted jurisdictions may face limitations or closure.
The company also cautioned against conclusions drawn solely from blockchain analytics, noting that asset movements across networks do not necessarily indicate platform awareness or involvement. It said variations between analytical tools and the aggregation of transaction flows can lead to misleading interpretations.
Cybercrime and security risks remain elevated
CoinEx pointed to its cooperation in freezing accounts linked to the Bybit asset theft and revealed it suffered a cyberattack in 2023 attributed to a group associated with North Korea, resulting in losses of nearly $80 million. It said such incidents highlight the shared interest between platforms and authorities in tracking illicit funds.
Across the industry, security risks remain significant. Illicit cryptocurrency addresses received at least $154 billion in 2025, with hacking-related losses exceeding $3.4 billion. The second quarter of 2026 alone recorded around 70 attacks, leading to losses of approximately $746 million.
Growing regulatory pressure on platforms
The situation reflects a broader trend of tightening oversight, where public statements by exchanges can be quickly challenged by blockchain-based analysis. Traders using international platforms face the risk of disruptions if regulators or banking partners act on new findings.
CoinEx said it will continue investing in compliance systems, including Know Your Customer (KYC), Anti-Money Laundering (AML), sanctions screening, and on-chain monitoring, as regulatory requirements evolve. The increasing use of blockchain tracing tools means that even indirect exposure to high-risk wallets could lead to account restrictions as platforms seek to reduce compliance risks.
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