A new report has placed cryptocurrency exchange CoinEx under the spotlight after alleging that Iran-linked entities moved billions of dollars through the platform over the past several years.
According to a report by The Wall Street Journal, more than $3.84 billion in cryptocurrency connected to Iranian entities has flowed through CoinEx since 2019. The findings, based on public blockchain data and analysis from TRM Labs, have renewed concerns about how sanctioned actors use digital assets to move funds across borders.
See how a crypto exchange became a major hub for illicit Iranian cash https://t.co/4qe3BjeuWo
— The Wall Street Journal (@WSJ) June 25, 2026
While CoinEx has not been accused of wrongdoing by U.S. authorities, the report is likely to draw increased attention from regulators and compliance teams monitoring sanctions-related activity.
How did Iranian central bank wallets enter the investigation?
The report said investigators traced transactions involving two wallets allegedly controlled by the Central Bank of Iran earlier this year. According to the findings, the funds moving through those wallets were linked to assets stolen during the $1.5 billion Bybit hack.
U.S. authorities have previously attributed the Bybit attack to North Korean hackers. Investigators said the stolen assets were moved through a complex network of wallets and transactions before eventually reaching CoinEx.
The report noted that blockchain analysis connected the Iranian wallets to the broader movement of funds associated with the Bybit exploit, highlighting the growing role of on-chain tracking in financial investigations.
Sanctions enforcement turns toward crypto networks
The CoinEx allegations emerge as U.S. authorities continue to increase pressure on crypto platforms linked to sanctioned jurisdictions.
Earlier this year, the U.S. Treasury sanctioned four Iranian cryptocurrency exchanges, including Nobitex, under its Economic Fury campaign. Officials accused the platforms of helping sanctioned individuals and entities access digital asset markets.
Blockchain analytics firm Chainalysis previously estimated that Nobitex handled roughly half of Iran’s cryptocurrency trading volume. Separately, U.S. authorities reported the seizure of nearly $1 billion in Iran-linked crypto assets and oversaw the freezing of $344 million worth of USDT connected to Iran’s Islamic Revolutionary Guard Corps.
Could the CoinEx report trigger more compliance reviews?
The latest findings may increase pressure on centralized exchanges to strengthen transaction monitoring and sanctions screening measures.
Unlike decentralized protocols, centralized exchanges are expected to conduct customer verification and monitor suspicious activity. However, blockchain data often reveals how funds move through multiple wallets and platforms before reaching an exchange.
The report also follows concerns surrounding laundering activities linked to the Bybit hack. Previous on-chain tracking showed that billions of dollars in trading volume connected to the stolen assets passed through decentralized platforms, including THORChain.
For the crypto industry, the CoinEx case reveals the growing importance of blockchain intelligence in sanctions enforcement. Whether regulators take further action remains unclear, but the report is likely to fuel more discussions about compliance standards across the digital asset sector.
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