CoinEx has issued a detailed public response following a recent Wall Street Journal report discussing the exchange’s historical exposure to Iran-related cryptocurrency transactions, rejecting suggestions that it maintained commercial relationships with sanctioned Iranian entities while outlining a series of compliance enhancements implemented in recent months.

The exchange said it has never maintained commercial relationships with the Iranian government, government agencies, or entities affiliated with the Islamic Revolutionary Guard Corps (IRGC), and argued that the report should distinguish between blockchain transaction flows and evidence of platform knowledge or participation.

According to CoinEx, its official domain has been blocked inside Iran since 2021 after being blacklisted by Iranian authorities. The company said this demonstrates that it has neither operated as a government-recognized platform nor served as an official channel for Iranian state actors.

CoinEx also stated that it has never established offices or operating entities in Iran. While the platform operates a global referral program, it said that any promotional activities conducted by individuals in Iran were independent actions rather than company-organized operations.

Transactions Referenced in the Report

Addressing transactions involving Alireza Derakhshan and entities associated with Zedcex and Babak Zanjani, CoinEx said the referenced transactions occurred before those parties became subject to U.S. Treasury sanctions.

The exchange added that it does not knowingly provide products or services to sanctioned persons or entities and continuously updates its sanctions screening procedures as sanctions lists and regulatory requirements evolve.

Regarding the Bybit security incident, CoinEx said it assisted with account blocking and asset freezing shortly after becoming aware of the attack and has initiated an internal review of transactions referenced in the Wall Street Journal report.

CoinEx also noted that it was itself the victim of a cyberattack in 2023 that multiple public investigations attributed to a North Korea-linked threat actor, resulting in losses of approximately US$80 million. The company said this experience reinforces its commitment to cooperating with blockchain security firms and law enforcement agencies in combating cybercrime and tracing stolen assets.

On-Chain Data Requires Careful Interpretation

CoinEx argued that blockchain analytics provide valuable risk indicators but cautioned against interpreting transaction flows alone as evidence that a centralized exchange knowingly facilitated illicit activity.

According to the company, blockchain attribution remains an analytical methodology subject to varying interpretations across different providers, while techniques such as mixers, cross-chain bridges and layered transactions significantly complicate attribution.

The exchange also said aggregating bidirectional blockchain flows into a single total and describing that figure as assets “processed” by the exchange may create a misleading impression of platform involvement.

Compliance Measures Expanded

CoinEx said it has strengthened its compliance program following sanctions imposed on Nobitex and other Iran-related developments.

Measures announced by the company include restricting new registrations from Iran, enhancing identification and review procedures for higher-risk accounts, implementing broader geo-fencing and regional access controls, strengthening KYT monitoring for sanctioned wallets and high-risk transaction patterns, and continuing enforcement against accounts suspected of using the platform for illicit financial activity.

The exchange described these actions as part of a broader effort to continuously strengthen its global compliance framework.

Looking Ahead

CoinEx said it expects regulatory expectations for digital asset platforms to continue evolving globally and plans to continue investing in customer due diligence, anti-money laundering controls, sanctions screening, transaction monitoring and blockchain risk intelligence.

The company said it remains committed to operating a secure and transparent digital asset platform while continuing to improve its compliance capabilities in line with evolving global regulatory standards.

Источник: BeInCrypto