WSJ: CoinEx served as key channel for $3.8B in Iran-linked funds

The cryptocurrency exchange CoinEx, which has Chinese roots, has served as a key channel for Iran's crypto transactions and fund movements, The Wall Street Journal (WSJ) reported, citing data from blockchain analytics firm TRM Labs. According to the report, over $3.84 billion (approximately 6 trillion won) has moved through CoinEx from wallets linked to Iran since 2019. CoinEx wallets were found to have transacted with hacked funds previously held by Iran's central bank and also had direct dealings with wallets the U.S. government has identified as being connected to the Islamic Revolutionary Guard Corps (IRGC). In 2024, transaction volume between CoinEx and Nobitex, Iran's largest crypto exchange, exceeded $763 million, establishing CoinEx as Nobitex's primary overseas exchange partner over Binance. In response, CoinEx founder Haipo Yang stated that while it was true the exchange had many Iranian users, it has no relationship with the Iranian government. He added that CoinEx is now taking measures to distance itself from the Iranian market, such as blocking new sign-ups from Iranian IP addresses.