WSJ: Iran-Linked Entities Moved $3.84B Through CoinEx, Exchange Responds

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Iran-related actors have transferred more than $3.84 billion through crypto exchange CoinEx since 2019, evading sanctions, The Wall Street Journal reported. CoinEx denies any links with Iran.

In an exclusive report, WSJ alleged that the on-chain data showed “an alarming series of transactions tied to two digital wallets controlled by the Central Bank of Iran,” citing TRM Labs. Per this report, CoinEx has become a major venue for moving billions in government-linked funds.

The North Korean Connection

The report goes on to claim that the researchers traced the data backwards, finding that the wallet’s funds were linked to $1.5 billion that North Korean hackers stole from the crypto exchange Bybit in February 2025.

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“After reaching the Iranian wallets, the money flowed through a complex maze of transactions. One destination was a crypto exchange that has become key to Iran’s ability to use cryptocurrency to evade far-reaching U.S. economic sanctions,” the author writes.

The U.S. Treasury has sanctioned four Iranian crypto exchanges, but there are now speculations that CoinEx may face scrutiny.

CoinEX Responds

In a response on Thursday, CoinEx stated that it never established any commercial relationship with Iranian government-related entities or Iranian exchanges, nor provided funding channels of any sort, nor opened any offices in the country.

Moreover, it was blacklisted by the Iranian government in 2021, with its official domain blocked within the country. “This fact alone demonstrates that CoinEx is not a platform recognized, supported, or partnered with by Iranian authorities, nor does it have a realistic basis to serve as an official Iranian funding channel,” it says.

Additionally, it said CoinEx assisted Bybit with account blocking and asset freezing immediately after the hack, adding that it will conduct an internal review of the transactions mentioned in the report.

The company said some users promoted CoinEx through its global referral program, but that it itself wasn’t involved in any promotion in Iran.

Finally, it stated that, “the fact that funds have passed through a platform on-chain does not mean that the platform was aware of, supported, or participated in the related fund activity.”