More than $3.84 billion in blockchain transactions have been traced between crypto exchange CoinEx and sanctioned Iranian entities over a period of more than seven years.

The findings come shortly after the US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four Iranian exchanges, Nobitex, BitPin, Wallex, and Ramzinex, under Executive Orders 13224 and 13902.

TRM Maps CoinEx’s Expanding Iran Connections

According to the latest report by TRM Labs, the four exchanges represented roughly $7.7 billion, or 78%, of Iran’s estimated $10 billion in attributed crypto activity in 2025. Despite repeated enforcement actions, Iran’s annual crypto volumes have remained high. CoinEx, which was founded in 2017 by Haipo Yang and…