CoinEx Official Statement Regarding the Wall Street Journal Report
- Key Takeaway: CoinEx issued a public statement in response to the Wall Street Journal report, denying any commercial cooperation with or active assistance to sanctioned entities in Iran, emphasizing that its platform has been blocked by the Iranian government since 2021, and stating that it has initiated a comprehensive compliance review and user offboarding process to clarify misunderstandings and demonstrate its compliance stance.
- Key Elements:
- CoinEx explicitly denies any commercial cooperation with the Iranian government, exchanges, or any sanctioned entities, noting that its platform has been blacklisted and blocked by the Iranian government since 2021.
- The transactions mentioned in the report (such as those involving Alireza Derakhshan) occurred before the U.S. Treasury Department imposed sanctions, and the platform will not provide services to sanctioned parties once it becomes aware of their status.
- Regarding the Bybit hack incident, CoinEx has assisted in intercepting and freezing assets, and emphasizes that it was also attacked by North Korea-linked hackers in 2023, suffering losses of nearly $80 million.
- CoinEx believes that on-chain fund flows do not imply the platform's knowledge or support of the transactions, and that significant discrepancies exist between different third-party data sources; aggregating bidirectional fund flows into a single total volume is misleading.
- Recent measures include: rejecting user registrations from Iran, implementing geo-fencing, strengthening the KYT system to monitor sanctioned regions and high-risk addresses, and imposing limits or freezes on relevant accounts.
- The platform commits to continuously investing resources to improve KYC, AML, sanctions screening, and on-chain risk monitoring capabilities, and accepts reviews by relevant authorities.
CoinEx has taken note of the recent report published by the Wall Street Journal. We fully respect media oversight and press freedom, and we understand the significant public concern regarding compliance, anti-money laundering, and sanctions risks within the digital asset industry. We treat these matters with the utmost seriousness and believe it is our responsibility to provide a clear and objective response to our users and partners.
Regarding the Relationship Between CoinEx and Iran
CoinEx is a digital asset trading platform serving ordinary users globally. We have never established any commercial partnership with any entity affiliated with the Iranian government or any Iranian local exchanges. Furthermore, we have never provided funding channels or any form of active assistance to Iranian government agencies, entities linked to the Islamic Revolutionary Guard Corps, or other sanctioned parties.
It is particularly important to note that CoinEx has been blacklisted by the Iranian government since as early as 2021, and our official domain has been blocked within Iran. This fact alone demonstrates that CoinEx is not a platform recognized, supported, or collaborated with by the Iranian government, nor does it have any practical basis to serve as an official financial channel for Iran.
CoinEx has never established any office or operational entity in Iran. CoinEx operates a referral commission system open to all global users. While some individuals have used this system to promote CoinEx independently, this is not an action organized by CoinEx itself.
We firmly oppose narratives that conflate the actions of ordinary users with state-level sanctions evasion tactics. We also reject any inference that on-chain fund flows automatically imply a platform's knowledge, support, or participation in illegal activities.
Regarding the Specific Matters Raised in the Report
Regarding the transactions involving Alireza Derakhshan and Zedcex/Zanjani mentioned in the report, based on the information currently available, these transactions occurred prior to the imposition of sanctions on the aforementioned entities by the U.S. Department of the Treasury. We do not provide services to any sanctioned entities or individuals, and we have never knowingly facilitated any form of convenience for such parties after they were sanctioned.
Regarding the Bybit security breach mentioned in the report, CoinEx assisted Bybit with account blocking and asset freezing immediately following the incident. We will conduct an internal review of the transactions referenced in the report. In fact, CoinEx itself suffered a cyberattack in 2023, attributed by multiple investigations to North Korea-linked groups, resulting in losses of nearly $80 million. We deeply understand the immense harm malicious cybercrime inflicts on the crypto industry and user assets. Our interests and stance are completely aligned with global law enforcement agencies and on-chain security firms in combating hacking crimes and tracing stolen funds. Any suggestion that the platform would intentionally condone or assist hackers in money laundering is not only contrary to the facts but also completely contradicts our core values and vital interests.
Regarding the Interpretation of On-Chain Data
Blockchain transactions are characterized by their openness, cross-platform nature, and traceability. The fact that on-chain funds have passed through a platform does not imply that the platform had knowledge of, supported, or participated in the related financial activities. Data from different third-party on-chain analytics platforms can vary significantly, and data from any single platform should not be considered conclusive. On-chain attribution itself is a limited analytical method, and its conclusions are highly dependent on the methodology of interpretation. Furthermore, aggregating bidirectional fund flows into a single total, implying it represents the volume processed by CoinEx, is highly misleading.
Regarding Recent Measures Taken
Following the imposition of sanctions on Iranian local exchanges like Nobitex, CoinEx immediately initiated a comprehensive review and exit procedure for its exposure related to Iran, implementing the following measures:
- Rejecting user registrations from the Iran region, enhancing the identification of Iranian users, and continuously conducting compliance-based closures of identified Iranian user accounts;
- Implementing comprehensive geo-fencing and access restriction measures for the Iran region, with accounts and assets of identified sanctioned entities or individuals being restricted or frozen;
- Strengthening the KYT system to improve monitoring and review capabilities for transactions involving sanctioned regions, high-risk addresses, and anomalous on-chain pathways, implementing freezes on related transactions;
- Continuously identifying and addressing accounts that abuse the platform for illegal activities, particularly those using CoinEx as a conduit for fund transfers.
Regarding Future Commitments
The digital asset industry continues to develop rapidly, and the global regulatory landscape is constantly evolving. Like the rest of the industry, CoinEx's anti-money laundering and transaction monitoring capabilities are continuously improving. We will continue to invest resources in strengthening KYC, AML, sanctions screening, and on-chain risk monitoring capabilities. We will address concerns from all parties in a responsible manner and submit to reviews by relevant authorities.
CoinEx Global
June 2026
