Iran-linked entities moved $3.8B through CoinEx
Iranian entities have been using the CoinEx platform to move large amounts of money, with $3.8B in transactions reported.
The majority of major Iranian domestic exchanges route around 5% to 10% of their trading volume through CoinEx.
This has raised concerns about the legitimacy of these transactions, with CoinEx’s share of illicit transaction volume being nearly 8%.
Related incidents include the freezing of $344M in crypto linked to Iran and a $90 million hack in June 2025.