According to The Wall Street Journal, Iranian entities have executed more than $3.84 billion in cryptocurrency transactions through the exchange CoinEx. The report links suspicious activity tied to Iran Central Bank-controlled wallets to funds allegedly stolen by North Korean hackers from Bybit earlier this year. It suggests CoinEx has become a key channel for Iran to bypass U.S. sanctions.
In a detailed statement, CoinEx denied any commercial ties with Iranian government entities or sanctioned parties. The exchange noted it was blacklisted and blocked by Iran since 2021, has no offices there, and does not facilitate sanctions evasion. It confirmed assisting Bybit in freezing stolen funds and is reviewing the reported transactions. CoinEx emphasized that on-chain flows do not imply platform knowledge or support, and it has strengthened compliance measures including geo-fencing, user off-boarding, and enhanced monitoring for Iranian-related risks.
The exchange reaffirmed its commitment to AML and sanctions compliance amid growing regulatory scrutiny in the crypto sector.
