Iran has successfully bypassed international financial sanctions by routing more than $3.84 billion through the global cryptocurrency exchange CoinEx since 2019. With traditional banking corridors cut off by global sanctions, the nation pivoted aggressively toward digital assets, utilizing CoinEx as its primary gateway to international crypto markets.
The evasion network, which includes wallets directly controlled by Iran’s central bank, was identified by blockchain intelligence firm TRM Labs. According to TRM Labs findings, the operation maintained high throughput despite falling token prices, successfully processing billions in cross-border trade.
The $3.84 billion figure includes specific wallets tied directly to the state’s highest financial authorities. An analysis of the data, supplemented by Wall Street Journal reporting, confirms that the central bank utilized these decentralized channels to maintain liquidity. Previous tracking by TRM indicated that Iranian crypto exchange volume hit nearly $3 billion in the 2022 fiscal period alone.
The Treasury Department’s June OFAC Crackdown
The revelation of the $3.84 billion pipeline follows immediate enforcement actions in Washington. Earlier in June 2026, the United States Treasury’s Office of Foreign Assets Control (OFAC) designated several of Iran’s domestic crypto exchanges across three distinct regulatory layers.
The identification of CoinEx as the primary international gateway explains the underlying mechanics of Iran’s financial survival strategy. The $3.84 billion volume forces Western regulators to shift focus from domestic Iranian platforms to the offshore exchanges processing their outbound capital.