The cryptocurrency industry is on the agenda again with discussions about compliance with sanctions rules. According to a report published by TRM Labs, Iran-related organizations transferred approximately $3.84 billion through CoinEx between 2019 and 2026. It was claimed that the flow in question provided access to global crypto markets despite international sanctions.
Highlights of the TRM Labs report
Blockchain analysis company TRM Labs stated that it is monitoring transactions linked to the Central Bank of Iran and domestic crypto exchange Nobitex. According to the report, the funds passed through a series of intermediary wallets before reaching CoinEx. It was stated that this structure makes it difficult to directly monitor transactions and allows users to access wider international liquidity.
Mini dictionary: KYC refers to “Know Your Customer” rules. In this process, crypto exchanges try to strengthen compliance with sanctions and money laundering rules by verifying user identity and monitoring transaction risks.
According to TRM Labs findings, Iran-related funds were directed to CoinEx through various intermediary wallets, and thanks to this structure, users gained access to global crypto markets despite international sanctions.
According to the data in the report, the transaction volume between Nobitex and CoinEx reached 763 million dollars in a year at its highest level. This figure stood out as one of the most striking indicators indicating the size of the relationship between the two platforms.
Connection between Nobitex and CoinEx
It was claimed that Nobitex, Iran’s largest cryptocurrency exchange, was used as the main transit point for funds leaving the country. CoinEx, on the other hand, was shown as the platform through which these assets were connected to broader international markets. According to the report, by 2024, CoinEx has become Nobitex’s largest foreign counterparty.
It was stated that this role was previously associated with Binance, but this contact decreased after Binance tightened sanctions controls and compliance procedures. Thus, it was stated that the weight of CoinEx in the connection between Nobitex and the foreign market increased.
Enforcement process and regulatory pressure
Founded by Haipo Yang in 2017 and headquartered in Seychelles, CoinEx announced that it started to implement stricter KYC rules in the following period. The exchange also announced that it was limiting access to users based in Iran. Despite this, the report highlighted the scope of transaction flow in previous years.
The issue came to greater prominence when US authorities imposed sanctions on Nobitex on June 2, 2026. Authorities cited the allegation that the exchange was linked to some structures, including the Iranian Revolutionary Guard Corps. TRM Labs reported that it identified more than 60 Iranian organizations linked to these crypto flows.
Compliance has become more critical for stock exchanges
The table featured in the news shows that compliance and control mechanisms in the cryptocurrency market are no longer a secondary topic. As regulatory pressure increases, platforms that invest more in transaction monitoring systems and corporate controls can reduce user risk.
The view that recent sanctions steps support the competitiveness of platforms that prioritize trust, transparency and risk management is also gaining ground. In this context, it is understood that investors look more closely not only at fees and product diversity but also at compliance policies when choosing a stock market.
