CoinEx Rejects Allegations of Facilitating Iranian Sanctions Evasion

The report alleged that CoinEx processed approximately $3.84 billion in Iran-linked transactions since 2019, drawing connections between the exchange and wallets purportedly controlled by the Central Bank of Iran. CoinEx management countered that the aggregate figure is misleading, arguing that the methodology used to calculate two-way fund flows fails to distinguish between authorized user activity and state-level sanctions evasion. The company emphasized that it maintains no offices within Iran and that its domain has been officially blocked by the Iranian government since 2021.

Beyond the geopolitical allegations, CoinEx addressed claims concerning assets stolen from Bybit by North Korean hackers. The exchange stated it actively assisted in freezing assets once the incident was identified, noting that it was itself a victim of a $70 million hack attributed to the Lazarus Group in 2023. In response to the scrutiny, the firm announced it has tightened its compliance framework, expanding geo-fencing and sanctions screening protocols to prevent further risk exposure. These measures follow a broader U.S. Treasury crackdown on Iranian crypto platforms, including Nobitex and Wallex, as international regulators increase pressure on digital asset service providers to enforce strict anti-money laundering controls.