CoinEx Rejects WSJ Report on $3.84B in Iran-Linked Crypto Flows

The Wall Street Journal reported that $3.84 billion in cryptocurrency flows linked to Iran passed through the CoinEx platform since 2019. CoinEx pushed back, calling the figure misleading and denying any ties to Iranian government entities, the Revolutionary Guard, or sanctioned groups.

CoinEx said it has no offices or legal entities in Iran. It pointed out that Iranian authorities blacklisted the platform's website in 2021. The exchange also rejected claims that wallet trails connected the Iranian central bank to the Bybit hack.

CoinEx argued that summing incoming and outgoing flows created an inflated total. The company said blockchain analysis can lead different analysts to different conclusions. It is reviewing the transactions listed in the report.

The exchange has boosted sanctions screening and geo-fencing. It tightened KYC policies and limited registrations from high-risk areas. CoinEx said it will keep investing in compliance infrastructure and on-chain risk monitoring.

The WSJ report landed when regulators had already been tightening rules on cross-border crypto flows. Iran-linked transactions have been a focus since sanctions tightened. CoinEx's response positions the exchange as cooperative, including freezing accounts tied to the Bybit hack.

CoinEx said it will keep reviewing the listed transactions. Iran's blacklisting of the CoinEx website remains in place since 2021.