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US Treasury Secretary Scott Bessent announced that the US government ordered the freezing of more than $130 million in cryptocurrency held in wallets associated with Iran, in response to escalating tensions in the Middle East.

Wallet freeze targets Iran’s Central BankBlockchain investigator Specter earlier identified onchain data showing that stablecoin issuer Tether froze four Tron blockchain wallets containing a total of $131 million worth of USDt (USDT). Bessent confirmed that these wallets were linked to the Central Bank of Iran.

Mini dictionary: Tron, a blockchain platform focused on high-throughput and scalable decentralized applications, supports USDT (Tether) token issuance and transactions. Tether is a popular stablecoin pegged to the US dollar, widely used in cryptocurrency trading and payments.

Bessent emphasized the Treasury Department’s efforts to counteract Iran’s financial activities using digital assets. He stated, “US Treasury is committed to disrupting and degrading Iran’s illicit financial activities, including its abuse of digital assets.” He added that authorities will continue tracing and blocking funds to prevent the Iranian government from accessing income generated via illicit operations.

“We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes.”

Ongoing pressure campaign against IranThe asset freeze coincided with the breakdown of a ceasefire between the US and Iran. Washington renewed its blockade of Iranian ports, while the US Central Command reported a new wave of military strikes on targets in Iran. On the same day, Iranian defense sources claimed to have conducted drone operations against American military facilities at Jordan’s Al Azraq Air Base.

This is not the first time the US government has coordinated with Tether on such actions. In April, Tether stated it froze over $344 million in USDT at the request of US authorities, as part of broader measures targeting Iran’s access to international financial systems.

MonthFrozen Amount (USDT)Initiated byApril$344 millionTether, US authoritiesJune$131 millionTether, US TreasuryOperation Economic Fury expands seizuresBessent earlier reported in May that the US had seized around $1 billion in Iranian crypto assets since the introduction of Operation Economic Fury, a financial pressure campaign begun in March 2025.

He described the ongoing initiative as a comprehensive effort targeting procurement networks supplying the Iranian military. “Through Economic Fury, the Treasury Department is disrupting the foreign procurement networks that support the Iranian military’s efforts to acquire weapons,” Bessent stated in June.

Treasury has frozen the Iranian regime’s assets, severely disrupted its economy, and dismantled the Iranian war machine. Treasury will not tolerate any support of the Iranian military.

TRM, an analytics firm specializing in blockchain forensics, reported that entities linked to Iran moved $3.8 billion in crypto through CoinEx, a global cryptocurrency exchange, as part of operations scrutinized under the ongoing sanctions framework.

Mini dictionary: TRM Labs is a blockchain intelligence company that analyzes cryptocurrency transactions to detect financial crime, money laundering, and sanction violations.

US authorities have repeatedly signaled that digital assets will remain a focus in efforts to clamp down on Iranian financial networks, with further actions possible as hostilities continue.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

CoinEx processed billions in transfers with Iranian exchanges, including more than $2.7 billion in transactions with OFAC-sanctioned Nobitex since 2018.

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 operated through entities in several jurisdictions, has processed more than $79 billion in trading volume.

The exchange has also faced regulatory actions in several countries. TRM’s findings reveal that CoinEx is the largest external counterparty of Iran’s biggest crypto exchange, Nobitex. Since late 2018, more than $2.7 billion has moved between the two platforms through roughly 6.2 million blockchain transfers, averaging about $1 million per day. Nobitex has sent around $360 million more to CoinEx than it received, which suggests that funds are consistently moving from Iran to international markets through CoinEx.

Activity between the two exchanges rose from about $13 million in 2020 to $575 million in 2021. After declining in 2022 and 2023, volumes recovered to $714 million in 2024 and $763 million in 2025. In fact, CoinEx accounted for over 16% of Nobitex’s yearly transaction activity.

TRM also identified direct links between CoinEx and more than 60 Iranian crypto businesses, including Wallex, Ramzinex, BitPin, Aban Tether, Excoino, Bit24, Ompfinex, Sarmayex, and Exir. The report said a similar share of transaction volumes was routed through CoinEx across multiple Iranian exchanges, along with the gradual onboarding of platforms over several years, which points to an organized relationship rather than independent market behavior.

The blockchain intelligence company further found that around $67 million originating from the Central Bank of Iran reached CoinEx through a complex laundering structure between June 2025 and June 2026. Funds reportedly moved through multiple blockchains, cross-chain bridges, Gnosis Safe contracts, and Aave tokens before eventually reaching CoinEx. The exchange also allegedly provided transaction fees that helped support these transfers.

You may also like: Is Bitcoin (And Peace) In Trouble as Trump Warns Iran of Fresh Strikes? BTC, ETH, XRP Progress at Risk as Trump Condemns Israel’s Latest Attacks Will BTC Rocket if Trump Delivers on His Iran Deal Promise This Sunday? ViaBTC, a mining pool operated by CoinEx’s parent company, was also closely tied to Iran. TRM traced more than $154 million between ViaBTC and Nobitex-linked wallets, and most transfers flowed from the mining pool to Iranian wallets. Following the 2025 cyberattack on Nobitex, previously inactive mining wallets transferred about $2.7 million to a new Nobitex wallet. ViaBTC also appeared in the transaction chain, which indicates that mining reserves were used to restore liquidity.

Conflict Altered Transaction Patterns CoinEx’s exposure to wallets linked to the IRGC, Palestinian Islamic Jihad, Hezbollah, Garantex, Bitzlato, the CoinEx hack, BlackSuit ransomware, and the Wasabi mixing service was also found by TRM. Transaction patterns changed after the US-Iran-Israel conflict intensified in early 2026. Average transfer sizes increased sharply, and larger transactions became more common.

After OFAC sanctioned several Iranian exchanges earlier this month, transaction volumes between CoinEx and Iranian entities fell significantly, although the firm noted that private exchange accounts could still allow activity to continue outside public blockchain visibility.

Meanwhile, CoinEx denied having any relationship with the Iranian government or sanctioned entities and said it has never provided funding or support to them. The exchange further asserted that blockchain transactions do not prove involvement in illegal activity.

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CoinEx refuted claims linking the state-backed companies from Iran to shift funds via its cryptocurrency exchange network. They promised to step up efforts regarding sanctions and compliance screenings amid growing concerns regarding the issue. CoinEx rejected the accusations that its platform was involved in facilitating transactions for Iranian state-backed organizations following the recent Wall Street Journal report on the matter. According to the report, about $3.84 billion of cryptocurrency inflows related to Iran were identified by investigators as having gone through the platform since 2019, which puts CoinEx in a spotlight as regulators are putting more pressure on crypto exchanges conducting cross-border transactions.

Moreover, CoinEx rejected all the allegations about the existence of any business relations with Iranian government entities, local exchanges, the Revolutionary Guard, or any sanctioned entities. The company also noted that CoinEx does not have offices and legal entities in Iran. To prove its point of view, CoinEx mentioned that Iranian authorities have recently blocked the platform’s official website in 2021 after adding it to the blacklist.

CoinEx Official Statement Regarding The Wall Street Journal Report

CoinEx is aware of the recent report published by The Wall Street Journal. We fully respect media oversight and press freedom, and understand the public's heightened concern regarding compliance, anti-money…

— CoinEx Global (@coinexcom) June 25, 2026 Exchange Challenges Transaction Analysis The debate heated up after reports claimed a connection between certain transaction trails on wallets related to the Iranian central bank with the stolen coins from the notorious Bybit hack. CoinEx rejected this analysis and stressed that transaction trails on the blockchain cannot be used to prove involvement in questionable practices.

CoinEx claims that blockchain is open and transparent, but different analysts can come to different conclusions analyzing relations between the wallets and transaction trails. In addition, according to the company, the reported total amount of transactions was wrong because the investigators summed up incoming and outgoing flows into one number.

CoinEx Increases Compliance Efforts Despite refuting the claims made against it, CoinEx emphasized that it is continuously reviewing the transactions listed in the report. The firm also underscored its efforts in cooperating during the Bybit hack, in which it assisted in blocking and freezing the accounts connected to the illicit activities once it became aware of the situation.

On the other hand, CoinEx has increased its sanctions screening, transaction monitoring, geo-fencing, and anti-money laundering policies on its platform. The cryptocurrency exchange firm also increased its Know Your Customer policy and limited registration from high-risk areas. With the increasing regulatory attention towards Iran-based crypto activities, CoinEx indicated that it will continue to invest in compliance infrastructure and on-chain risk monitoring.

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Security research firm TRM Labs has flagged Seychelles-based global crypto exchange CoinEx as a key enabler for Iran-linked illicit capital flows. 

According to TRM Labs, over $3.8 billion was traded between CoinEX and the four Iranian crypto exchanges, including Nobitex, which were sanctioned by the U.S. earlier this month. Out of the nearly $4 billion flagged flows, over half of the funds were routed from Nobitex, at an average of $1M per day since 2018. 

The report alleges that top local Iranian exchanges moved 5-10% of their volumes via CoinEx, noting that it was a ‘coordinated arrangement’ rather than organic adoption. 

Source: TRM Labs For Ari Redbord, global head of policy at TRM Labs, the Iranian regime’s international crypto infrastructure was intact as CoinEx was not part of the sanctioned entities in early June. 

In an email statement, Redbord told AMBCrypto, 

CoinEx isn’t just another exchange with incidental Iran exposure — it has functioned as the backbone of Iran’s cryptocurrency ecosystem for seven years, processing nearly USD 4 billion across more than 60 Iranian platforms.

He added, 

This indicates a willingness to engage with Iranian actors such as the IRGC and enable the largest state sponsor of terrorism in the world to evade sanctions and destabilize the region.

According to Redbord, the four sanctioned crypto exchanges, including Nobitex, account for 78% of Iran’s domestic cryptocurrency volume. He claimed that CoinEx has direct on-chain exposure to the Iran Revolutionary Guard Corps (IRGC) and its proxies in Palestine and  Lebanon. 

In fact, the firm established that CoinEx received $67M from the Central Bank of Iran, further underscoring how embedded it is with the Iranian government. 

Iran’s alleged Bitcoin mining operations Additionally, the report noted that the state could have received mining payouts. The security firm cited Nobitex-linked addresses that received payouts from ViaBTC, a Hong Kong-based mining infrastructure firm. 

Notably, TRM Labs uncovered over $154 million in mining rewards, adding that, 

Given that industrial-scale cryptocurrency mining in Iran is subject to strict government oversight, these activities could also indicate access to state-authorized mining infrastructure or partnerships.

Interestingly, the report didn’t flag Binance, which was recently speculated to be another conduit for Iran-sanctioned entities to move funds.

During the West Asia crisis, the U.S. turned Iran’s crypto into a chokepoint, freezing over $1 billion of its funds. The sanctioning of the four exchanges was part of the broader U.S pressure to bring  Iran to accept its deal. It marked a classic case of crypto on the geopolitical chessboard. 

As of writing, negotiations are still ongoing between the two countries. But it’s unclear whether a permanent peace deal will be achieved soon. 

Final Summary CoinEx handled nearly $4 billion for Iran-sanctioned entities, making it a key global strategy for the regime, according to TRM Labs.  Recent U.S. sanctions only targeted 78% of Iranian crypto volumes 

In brief TRM Labs said it uncovered over $3.84 billion in crypto flows between CoinEx and more than 60 sanctioned Iranian platforms over a seven-year period. The exchange rejected the allegations, arguing that it is a neutral global platform serving ordinary users, with no official ties to Iranian entities. The confrontation comes amid U.S. enforcement, marked by sanctions against Iran’s largest crypto exchange and a $1 billion Bitcoin seizure. CoinEx denied allegations on Thursday that the Seychelles-based crypto exchange knowingly served as a conduit for billions of dollars in sanctioned Iranian funds, pushing back against a report from The Wall Street Journal that leaned heavily on analysis from TRM Labs.

The crypto analytics firm published a blog post drawing connections between CoinEx and more than 60 Iranian platforms, including Nobitex, which was slapped with U.S. sanctions earlier this month for allegedly facilitating terrorist financing, sanctions evasion, and ransomware payments.

For years, CoinEx has shared a close connection with the platform known as Iran’s largest crypto exchange, gaining on-chain exposure to Iranian military entities while also serving as Nobitex’s “single largest external counterparty,” according to TRM.

CoinEx pinned its defense on neutrality, asserting that it operates as a global exchange that serves ordinary users worldwide, with no official ties to Iranian authorities or sanctioned entities.

“We firmly reject any narrative that conflates ordinary user activity with state-level sanctions evasion, and any inference that equates on-chain fund flows with platform knowledge of, support for, or participation in illicit activity,” CoinEx said in an X post.

Over the past seven years, more than $3.84 billion has flowed between CoinEx and a mining pool owned by the exchange’s parent company, ViaBTC, which TRM said its data shows. The firm described CoinEx as “the single biggest lifeline for Iran’s cryptocurrency ecosystem.”

Because CoinEx, which debuted nearly a decade ago in Hong Kong, has transaction exposure to more than 60 entities operating in Iran, TRM argued that “this connectivity is unlikely to be independent market behavior.”

On top of that, TRM alleged that CoinEx’s platform was subject to a year-long money laundering scheme that ended this month, in which the exchange received $67 million derived from Iran’s central bank through a web of transfers extending across several blockchains.

On X, CoinEx said that it moved quickly after Nobitex was sanctioned to strengthen identification of Iranian users, implement comprehensive geo-fencing, detect suspicious transactions, and ramp up “action against accounts using the platform for illicit activity.”

While recent reports suggest that the Iranian government has accepted Bitcoin as payment for transiting the Strait of Hormuz, through which 20% of the world’s oil supplies once flowed, the U.S. government has been proactive, according to Treasury Secretary Scott Bessent.

Days before Nobitex was sanctioned alongside three other exchanges, Bessent said the U.S. had seized $1 billion worth of cryptocurrency from entities linked to Iran. He posited at the time that some individuals “might not have realized that their wallet had been grabbed.”

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PANews June 25 news, according to The Wall Street Journal, analysis of public blockchain data shows that Iranian entities conducted over $3.84 billion in transactions through the cryptocurrency exchange CoinEx. The investigation found that suspicious transactions earlier this year linked to two digital wallets controlled by Iran's central bank could be traced back to $1.5 billion stolen by North Korean hackers from Bybit. After the funds arrived at the Iranian wallets, they passed through a complex maze of transactions before ultimately flowing to CoinEx — an exchange that has become a key channel for Iran to use cryptocurrency to evade broad U.S. economic sanctions.

The Wall Street Journal reported that Iran-linked entities moved more than $3.84 billion through crypto exchange CoinEx since 2019. 

Summary

CoinEx denied Iran government ties after WSJ linked Iran-related wallets to $3.84b in transactions. The exchange said on-chain fund flows do not prove knowledge, support, or sanctions involvement. CoinEx said it tightened Iran-related reviews, geo-fencing, sanctions screening, and transaction monitoring controls. The report cited TRM Labs and public on-chain data. It said CoinEx became one of the main crypto routes allegedly used to move funds outside U.S. sanctions.

The report said investigators found unusual activity from two wallets controlled by the Central Bank of Iran earlier this year. The WSJ also said those funds had links to assets stolen from Bybit by North Korean hackers. CoinEx has not become subject to a new U.S. action in the report, but the claims place the exchange under fresh review.

CoinEx later rejected the WSJ report, saying it had “never established any commercial relationship” with Iranian government-related entities, Iranian domestic exchanges, the Revolutionary Guard, or sanctioned parties.

In its official response, CoinEx said on-chain fund flows through a platform do not prove that the exchange knew about, supported, or took part in the activity, as reported. The exchange also said it had strengthened Iran-related risk reviews, geo-fencing, sanctions screening, and transaction monitoring.

Central bank wallets enter the trail According to the WSJ, investigators traced the flow backward from the two Iranian central bank wallets. The trail then pointed to funds tied to the Bybit hack, one of the largest thefts in crypto history. The report said the money later moved through many transactions before reaching CoinEx.

The FBI previously blamed North Korean actors for the Bybit theft, which involved about $1.5 billion in virtual assets. U.S. officials said the hackers were converting stolen assets into Bitcoin and other tokens across many wallets. That pattern made the CoinEx report part of a wider debate over exchange screening and sanctions controls.

Sanctions pressure grows around crypto As crypto.news reported, the U.S. Treasury sanctioned four Iranian crypto exchanges, including Nobitex, under its Economic Fury campaign. The agency accused the platforms of helping sanctioned entities enter the digital asset market. Chainalysis also said Nobitex handled about half of Iran’s crypto trading activity.

In our last update, crypto.news examined how U.S. officials said they had seized nearly $1 billion in Iran-linked crypto. That action followed a $344 million USDT freeze across two Tron wallets tied to Iran’s Islamic Revolutionary Guard Corps. The Treasury said it would keep tracking money that Tehran tries to move through crypto and banks.

Bybit link widens laundering concern As previously reported, Bybit-related laundering also moved through decentralized routes after the 2025 hack. THORChain saw almost $3 billion in trading volume from swaps tied to stolen Bybit assets, according to on-chain tracking cited at the time. The activity showed how stolen funds can move from one venue to another before cash-out attempts.

The CoinEx report adds another layer because it names a centralized exchange, not only mixers or decentralized protocols. Centralized platforms usually run customer checks and transaction screening, but blockchain data can still show funds moving through accounts and wallets. Regulators may now review whether existing controls caught the alleged Iran-linked activity.

Compliance questions move back to exchanges The WSJ report arrives as U.S. officials continue to target crypto flows tied to sanctioned states. Iran remains cut off from many dollar channels, while digital assets offer a route for cross-border transfers. Retail users also rely on crypto as the rial weakens, which can make clean and flagged flows harder to separate.

For CoinEx, the report creates a reputational test and may draw questions from compliance teams, banks, and regulators. For the wider market, the case shows why on-chain tracing now sits at the center of sanctions enforcement. The next issue is whether authorities act on the data or ask exchanges to tighten screening further.

Key Highlights Table of Contents

Key HighlightsHow CoinEx Displaced Binance as Iran’s Primary International GatewayIranian Central Bank’s Multi-Chain Money Laundering OperationRegulatory Action Triggers Transaction Pattern Changes Blockchain intelligence firm TRM Labs identified more than $3.84 billion in cryptocurrency transactions flowing between CoinEx and Iranian entities under sanctions spanning a seven-year period By 2024, CoinEx displaced Binance to become the largest foreign counterparty for Nobitex, Iran’s dominant domestic exchange The Central Bank of Iran laundered $67 million through CoinEx using sophisticated multi-blockchain obfuscation techniques The exchange maintained direct blockchain connections to wallets associated with IRGC, Hezbollah, and Palestinian Islamic Jihad Following June 2, 2026 OFAC sanctions against four major Iranian platforms, CoinEx rotated its hot wallet infrastructure and transaction volumes plummeted to under $150,000 A comprehensive investigation by blockchain intelligence provider TRM Labs has revealed that CoinEx, the Seychelles-registered cryptocurrency exchange established in 2017 by Haipo Yang, a former Tencent software engineer, facilitated over $3.84 billion in digital asset transfers connected to Iranian organizations currently under international sanctions.

🚨MASSIVE: IRAN FUNNELED $3.8 BILLION VIA CRYPTO EXCHANGE COINEX TO EVADE US SANCTIONS

WSJ investigation found more than $3.84 BILLION flowed through CoinEx from Iranian users, with blockchain analysis linking transactions to entities tied to the IRGC and Iran's Central Bank. pic.twitter.com/fPU80TXuMh

— Coin Bureau (@coinbureau) June 25, 2026

Despite its international registration, the platform developed substantial operational ties to Iran across multiple years. According to former personnel, CoinEx deployed business development representatives within Iranian borders to actively recruit local traders, though the exchange officially disputes these allegations.

How CoinEx Displaced Binance as Iran’s Primary International Gateway Historically, Binance served as the predominant international platform for Nobitex, Iran’s largest cryptocurrency exchange. This dynamic shifted dramatically around 2022, following Binance’s confrontation with US regulatory authorities over violations that included servicing Iranian customers.

CoinEx emerged as Binance’s replacement by 2024. Throughout 2025, over $763 million in cryptocurrency moved between CoinEx and Nobitex, establishing CoinEx’s volume at approximately nine times that of the second-largest identified foreign exchange partner for Nobitex.

Beginning in 2018, approximately $2.7 billion transferred between these two platforms through roughly 6.2 million separate transactions — representing a daily average of $1 million in transaction flow.

Analysis shows Nobitex transferred approximately $360 million more to CoinEx than it received in return, indicating a net outflow pattern where Iranian cryptocurrency holders were accessing international liquidity and markets.

Iranian Central Bank’s Multi-Chain Money Laundering Operation According to TRM Labs’ forensic analysis, approximately $67 million connected to Iran’s Central Bank entered CoinEx between June 2025 and June 2026. These funds traveled through an elaborate obfuscation network utilizing both Tron and Ethereum networks, incorporating decentralized finance applications and cross-chain bridge protocols before ultimately arriving at CoinEx wallets.

The operation operated under the National Iranian Exchange’s supervision through a program internally designated as “National–Tether.” Intelligence suggests CoinEx also supplied transaction fee funding that facilitated portions of this laundering infrastructure.

Additional investigation earlier this year established connections between certain Central Bank wallets and $1.5 billion in stolen assets from the Bybit exchange breach attributed to North Korean state-sponsored hackers.

TRM’s analysis extended beyond the Central Bank to identify CoinEx transactions with over 60 distinct Iranian cryptocurrency platforms, including Wallex, Ramzinex, BitPin, and numerous smaller operators. Remarkably, each major Iranian exchange routed between 5–10% of its aggregate volume through CoinEx — a uniformity that TRM analysts interpret as evidence of systematic coordination rather than organic market selection.

Direct blockchain evidence links CoinEx to wallets controlled by the IRGC ($6 million in exposure), Palestinian Islamic Jihad ($374,000), and Hezbollah-affiliated addresses.

Regulatory Action Triggers Transaction Pattern Changes The US Treasury Department’s Office of Foreign Assets Control imposed sanctions on June 2, 2026, targeting four prominent Iranian cryptocurrency exchanges: Nobitex, BitPin, Wallex, and Ramzinex. These platforms collectively represented approximately 78% of Iran’s estimated $9.9 billion cryptocurrency trading volume during 2025.

Following these designations, CoinEx rotated its hot wallet infrastructure. Transaction volumes between CoinEx and Iranian platforms collapsed to less than $150,000.

Pre-sanctions data showed average transaction sizes between CoinEx and Nobitex around $435. Following geopolitical tensions escalating between the United States, Iran, and Israel in late February 2026, average transaction sizes increased to $2,110, with larger consolidated transfers representing an expanding proportion of overall activity.

Yang announced CoinEx would halt acceptance of new Iranian registrations and implement measures to phase out existing Iranian accounts. The platform simultaneously deployed IP-based blocking for Iranian addresses. CoinEx maintains it did not knowingly process transactions for sanctioned organizations.

Wallets with identifiable links to sanctioned Iranian entities have moved over $3.84 billion through cryptocurrency exchange CoinEx since 2019, making it one of the main channels used to bypass US economic sanctions, according to blockchain analytics company TRM Labs.

About 60 Iranian platforms were tied to the funds, with $2.7 billion of this flowing between CoinEx and Nobitex, Iran’s largest domestic cryptocurrency exchange, at an average rate of about $1 million per day since 2018, wrote TRM Labs in a Wednesday report.

By 2024, CoinEx was Nobitex’s largest external counterpart, nearly nine times that of the next-largest exchange, a pattern that TRM Labs called “inconsistent with independent market behaviour.”

The report comes three weeks after the US Treasury sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign. Days before the sanctions, Treasury Secretary Scott Bessent said the Treasury had seized $1 billion in crypto from Iranian exchanges and wallets since the start of the war.

In a statement published Thursday on X, CoinEx denied having any commercial relationship with the Iranian government or domestic Iranian exchanges and said it has never provided funding channels to sanctioned parties. The exchange also disputed TRM Labs’ interpretation of blockchain data, saying onchain fund flows do not demonstrate a platform's knowledge of or participation in illicit activity.

Iranian exchanges: CoinEx exposure & share volume, 2025. Source: TRM Labs

Top Iranian exchanges route up to 10% of volume through CoinExMost of the major Iranian domestic exchanges route about 5% to 10% of their trading volume through CoinEx, indicating a “coordinated arrangement rather than organic adoption,” according to TRM Labs.

CoinEx’s share of illicit transaction volume is nearly 8%, above the 0.3% threshold found at other compliant exchanges. 

CoinEx-affiliated mining pool ViaBTC accounted for another $154 million in traced exposure to Nobitex through mining payouts and supplied emergency liquidity to Nobitex following Predatory Sparrow’s $90 million hack in June 2025.

Cointelegraph contacted ViaBTC for comment on TRM Labs' findings but had not received a response by publication.

Nobitex was at the center of Iran's “digital dollar pipeline” and handled about 50% of the country’s crypto trading volume, according to a June 2 report by blockchain forensics platform Chainalysis.

In May, Nobitex was reportedly linked to members of a powerful family with ties to Supreme Leader Ali Khamenei.

In January, the Office of Foreign Assets Control sanctioned UK-registered Zedcex and Zedxion for being used as front companies for the Iranian Revolutionary Guard Corps (IRGC).

Magazine: Inside the Iranian Bitcoin mining industry

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Updated Jun 25, 2026, 11:03 a.m. Published Jun 25, 2026, 10:56 a.m.

2 min read

(Tudoran Andrei/Shutterstock)Summary

TRM Labs said it traced over $3.84 million in flows between CoinEx and sanctioned Iranian crypto entities over a period of seven years.TRM said CoinEX handled around $2.7 billion in transfers with Nobitex, Iran's largest crypto exchange.CoinEx denied having any commercial relationship with Iranian exchanges or government entities, saying it has begun exiting Iran-related business.Blockchain intelligence firm TRM Labs said CoinEx served as a gateway for the crypto sector in Iran, having traced more than $3.84 billion in flows between the exchange and sanctioned Iranian entities in the last seven years.

TRM Labs said CoinEx became the single biggest trading partner of Iran's largest crypto exchange Nobitex, which accounted for around $2.7 billion of the flows, according to a report published Wednesday.

CoinEx had direct transaction exposure with more than 60 Iranian crypto platforms, according to TRM Labs' analysis, which argued that this patterns suggested a coordinated relationship rather than organic market activity.

TRM Labs identified CoinEx exposure to several terrorist-linked entities, such as $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps and $374,000 of exposure associated with Palestinian Islamic Jihad.

The U.S. Treasury sanctioned an array of Iranian crypto exchanges as part of its campaign against the country's government at the start of this month, including Nobitex, Wallex, Bitpin and Ramzinex, all of which are cited in TRM Labs' report.

Seychelles-registered CoinEx rejected the report's findings, saying it has "never established any commercial relationship with Iranian government-related entities, Iranian domestic exchanges," or "provided any form of active assistance to Iranian government agencies, Revolutionary Guard-related entities, or other sanctioned parties."

"Blockchain transactions are open, cross-platform, and traceable by nature. The fact that funds have passed through a platform onchain does not mean that the platform was aware of, supported, or participated in the related fund activity," CoinEx said in a statement on Thursday. "Data from different third-party blockchain analytics platforms varies significantly, and data from any single platform should not be treated as definitive."

CoinEx added that it began a review and exit process from all Iran-related exposure following the sanctioning of Iranian exchange by the U.S.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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A new report published by The Wall Street Journal has brought cryptocurrency exchange CoinEx back into focus over sanctions compliance concerns. According to the findings, a total of $3.84 billion in crypto assets connected to Iranian individuals and entities has moved through CoinEx since 2019. The analysis is based on publicly available blockchain data and investigations by TRM Labs.

Which transactions are under scrutiny?The report notes that U.S. authorities have not issued any formal accusations against CoinEx. However, the data presented may draw increased attention from regulators and compliance teams monitoring transactions potentially linked to sanctioned actors. CoinEx operates as a centralized exchange where users can buy and sell cryptocurrencies.

Researchers conducting the review have tracked transactions connected to two wallets allegedly controlled by Iran’s central bank earlier this year. Findings claim that funds moving through these wallets are tied to assets stolen in a $1.5 billion hack targeting Bybit.

The report highlights that the movements of two Iran-linked wallets intersect with assets stolen in the Bybit incident, and after passing through a web of wallets, these funds have been traced to CoinEx.

U.S. officials have previously attributed the Bybit hack to North Korean-linked hackers. The latest report states that the stolen assets traveled through numerous wallets and transaction layers. It also underscores how blockchain tracking methods are playing an increasingly critical role in unraveling such cross-border financial flows.

Glossary: TRM Labs is an analytics firm specializing in tracking illicit transactions and sanctions risks by analyzing blockchain data. On chain monitoring refers to the technical tracking of transactions via publicly accessible blockchain records.

Focus on sanctions enforcement grows in the crypto sectorAllegations against CoinEx have surfaced as the U.S. ramps up pressure on crypto platforms associated with sanctioned regions. This year, the U.S. Treasury’s Economic Fury campaign imposed sanctions on four Iran-based exchanges, including Nobitex. Authorities accused these platforms of enabling sanctioned individuals and organizations to access digital asset markets.

Blockchain analytics firm Chainalysis previously estimated that Nobitex accounted for about half of crypto transaction volume in Iran. In a separate development, U.S. authorities announced the seizure of nearly $1 billion in Iran-linked crypto assets. Additionally, $344 million worth of USDT with ties to Iran’s Revolutionary Guard was frozen.

SubjectDisclosed DataAmount moved through CoinEx$3.84 billionAssets stolen in Bybit hack$1.5 billionSeized Iran-linked crypto assetsAbout $1 billionFrozen USDT$344 millionCompliance pressure rises for centralized exchangesThe latest revelations could lead to greater scrutiny and enforcement on centralized crypto exchanges regarding transaction monitoring and sanctions screening. These platforms are expected to perform customer identity checks and flag suspicious activity. Still, blockchain data reveal how funds can move across multiple wallets and platforms before reaching an exchange.

The report also points to concerns about money laundering related to the Bybit hack. Earlier blockchain tracing indicated that billions of dollars in stolen assets had passed through decentralized platforms like THORChain.

As expectations rise for centralized exchanges to enhance sanctions screening and transactional oversight, blockchain analyses show that funds often navigate through layered structures before reaching a platform.

For the crypto industry, this investigation signals the growing importance of blockchain intelligence in sanctions enforcement. It remains unclear whether regulators will take further action specifically against CoinEx in light of these findings.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Table of contents

CoinEx Global, a popular crypto exchange, has partnered with WINkLink Oracle, a prominent decentralized oracle platform developed on the TRON blockchain. The partnership is focused on providing reliable and accurate data to fortify DeFi apps. As CoinEx Global mentioned in its social media announcement, the strategic development is aimed at backing the DeFi expansion with reliable data solutions. Additionally, the collaboration enhances efficiency, security, and transparency across blockchain-based apps.

🚀 We’re excited to announce our official partnership with @WinkLink_Oracle!

Built on TRON, WINkLink delivers stable, reliable on-chain data to fuel DeFi innovation. As a decentralized oracle, it ensures smart contracts can access real-world information securely. pic.twitter.com/qbJrWI7Kn4

— CoinEx Global (@coinexcom) September 6, 2025 CoinEx Global and WINkLink Oracle Partner to Offer Dependable DeFi Data The partnership between CoinEx Global and WINkLink Oracle endeavors to bolster reliable data’s provision on TRON. In this respect, WINkLink Oracle plays a crucial role, filling the gap between real-world information and smart contracts. Additionally, with the integration of CoinEx Global, it guarantees that dApps seamlessly reach tamper-proof and stable data feeds. This strengthens smart contract execution and backs the rising demand for diverse decentralized solutions in diverse industries like supply chain management, gaming, and finance. Hence, the collaboration indicates the potential of CoinEx Global in expanding reach across the blockchain landscape.

Partnership Opens New Opportunities for Developers on TRON According to CoinEx Global, the developers can anticipate massive benefits from this partnership. The move paves the way for several possibilities with a robust decentralized oracle agenda. Thus, the developers can develop innovative dApps, enabling secure interaction with external data, taking into account market prices as well as weather data. Ultimately, the joint initiative bolsters DeFi growth and strengthens builders with infrastructure and tools to deliver cutting-edge blockchain solutions.

AUTHOR

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

With Nof1’s live AI trading competition and Coinbase’s newly launched x402 protocol becoming major industry talking points, AI Agents are rapidly expanding their use cases across finance and payments.

As a representative protocol for AI payments, how does x402 differ from traditional payment systems? What scenarios does it serve? And as AI payments mature, what other foreseeable applications might AI Agents unlock? This Guest Expert piece summarizes perspectives shared by Haipo Yang, Founder and CEO of ViaBTC, on the feasibility of x402 and the future potential of AI collaboration networks.

Q: x402 has recently become a hot topic in the industry. What is the view on using token payments—like x402—to solve payment problems for AI?

Haipo Yang: From an engineering standpoint, x402 is a relatively simple protocol. Its core value is not inventing a new payment method, but packaging on-chain payments as a standardized web service—and introducing a Facilitator to address trust and execution challenges in on-chain payments.

Many comparisons are made between x402 and traditional payment systems, but these systems serve different “users.” Alipay and Visa offer excellent payment experiences, but they are designed for humans, not for AI Agents. For AI Agents, traditional payment systems currently create two obvious obstacles:

1) High entry barriers: It is difficult for scripts to open bank accounts and complete KYC, while generating a wallet address capable of paying on-chain can be done with a single line of code. 2) High friction costs: AI interactions are high-frequency and fragmented. An Agent might call a data API once and pay $0.0001. Routing that through card networks can introduce fees that exceed the payment itself. In practice, x402 leverages token programmability—together with the intermediary role of the Facilitator—to enable automated micropayments. In this context, the Facilitator functions like “Alipay for the machine world,” absorbing on-chain confirmation complexity so Agents can complete high-frequency transactions in milliseconds.

In conventional on-chain payments, interactions can be slow and complex. x402’s approach allows a Facilitator to operate as an execution layer for on-chain transactions: verifying signatures, fronting gas, submitting transactions, and handling on-chain details. The payer submits a signature to the Facilitator rather than directly performing on-chain operations. For both buyers and sellers, this reduces integration complexity by centralizing trust and settlement in the Facilitator.

Q: What is the outlook for x402, and what limitations might it face in real-world adoption?

Haipo Yang: x402’s long-term value primarily lies in an Agent-to-Agent economic network rather than consumer-facing payment experiences. For end users, payments should become invisible. In the future, an AI Agent is unlikely to ask a user to “scan to pay.” Instead, a user might set an instruction such as “Analyze the market every morning at 9 a.m.” The Agent could then call multiple service providers in the background for news or social data. Fees generated by high-frequency API calls can be settled automatically through x402, enabling service consumption end-to-end with minimal human intervention.

This model can shift API monetization from subscription memberships to truly pay-as-you-go usage, because x402 naturally fits machine-to-machine collaboration that is high-frequency and highly fragmented.

There is also an often-overlooked security advantage. Allowing an Agent to transact using a credit card number creates effectively unlimited liability. If an Agent is compromised or behaves incorrectly, it could generate uncontrolled spending. With a token wallet, spending limits can be enforced—for example, a capped “pocket money” balance of 100 USDC—keeping potential losses controllable.

However, x402’s simplicity also makes its limitations clear. The protocol relies heavily on Facilitators such as Coinbase. This simplifies development but introduces a centralization risk and a potential single point of failure. If a Facilitator goes offline, behaves maliciously, or censors transactions, the payment flow can break.

In addition, because x402 is designed to be simple, it does not cover certain real-world commerce requirements—such as refunds—within the protocol itself. Disputes around unfinished services or defective goods often require reversals, and irreversibility can make such flows harder to implement.

In parallel, broader Agent payment protocols are being explored, including Google’s AP2, with goals such as accommodating card networks, supporting cryptocurrencies, and handling complex flows like refunds. In the long run, more comprehensive standards may be desirable—but multi-stakeholder complexity can slow deployment. x402’s advantage is immediate usability: a wallet plus code is sufficient to start.

Q: In practice today, where are AI Agents delivering real value?

Haipo Yang: At present, the biggest beneficiaries of AI Agents remain developers. AI pair programming has become routine for many engineers, and tools such as Cursor have seen broad adoption. For large, architecturally complex projects, full responsibility is typically not delegated to Agents at this stage. But for tedious, time-consuming tasks—such as code review, unit testing, and parts of algorithmic logic generation—Agents can meaningfully reduce workload and save time.

Another notable area is enabling non-technical users. “Vibe coding” has attracted attention because it allows people without programming backgrounds to translate ideas into code through natural language. That said, Agent output often requires repeated debugging. Rapid prototyping becomes possible, but after many iterations codebases can become bloated and harder to maintain. Even so, a partial success rate can still be valuable because it enables a 0-to-1 leap for non-technical creators.

Agents are also increasingly useful for small, common workplace needs. For example, generating an icon, a button style, or a simple UI sketch previously required designer support. Agents can now produce quick drafts, reducing back-and-forth and accelerating iteration.

Despite current limitations, these capabilities are already sufficient for small teams and independent developers building demos or MVPs.

Q: Looking ahead, where is the biggest opportunity for AI Agents—and could crypto see similar new experiments?

Haipo Yang: Over a longer cycle, the opportunity for AI Agents is unlikely to remain confined to developer assistance. Future possibilities include more autonomous collaboration and autonomous procurement.

Industry experiments are emerging. For example, Nof1’s live AI trading competition effectively allows Agents built on different models to test strategy capabilities in real market environments. In this setting, Agents move beyond providing information to humans and begin forming closed loops of perception and action.

More exchanges are also starting to support MCP (Model Context Protocol). CoinEx, within the ViaBTC ecosystem, has published an MCP service on GitHub. With MCP services, an Agent can directly access an exchange’s real-time quotes, candlestick (K-line) data, and news feeds, then combine that data with model reasoning for deeper analysis. In principle, an Agent can generate strategies based on a user’s risk preferences and—when deployed locally—can also place orders automatically.

This trajectory enables automated trading and more intelligent market making. By observing real-time market depth, volatility, and trading volume, an Agent can dynamically adjust order prices and sizes, improving market efficiency and liquidity. These developments indicate a shift from “helping with research” to “supporting decisions and execution.”

Within this model, x402 can provide the economic rail for Agent collaboration. For example, an Agent tasked with producing an in-depth Bitcoin research report may lack certain data inputs. It can automatically call other Agents for on-chain position and transaction datasets, or for sentiment summaries aggregated from news, completing micropayments for each service behind the scenes. The end user receives a single report, while multiple Agent-to-Agent microtransactions occur in the background.

Taken together, Nof1 highlights decision-making in live environments, MCP supports data access and execution, and x402 enables economic collaboration among Agents. As Agents become capable of finding resources, purchasing services, invoking tools, and completing full task chains, the result increasingly resembles a digital economic system composed of many cooperating Agents.

Unlock True Flexibility: A Deep Dive into ViaBTC’s System-Level Asset Management

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

CoinEx launches Dual Investment product to help traders earn rewards during volatile market conditions.

Summary

CoinEx unveils dual investment, enabling crypto holders to earn interest while targeting specific buy or sell prices. Traders can now grow their crypto holdings with CoinEx’s Dual Investment, earning yields even during market swings. Dual investment by CoinEx offers high APY rewards, letting investors lock USDT or BTC with conditional price targets. CoinEx has launched a product called dual investment, which allows traders to earn rewards even during times of high market volatility.

CoinEx’s dual Investment is a financial product designed to generate income while allowing investors to set a conditional “sell high” or “buy low” outcome.

Under this structure, an investor deposits a cryptocurrency such as USDT or Bitcoin, selects a target price at which they are willing to buy or sell, and chooses a fixed investment period.

If the market price reaches the selected level during that period, the investment is settled in the other asset, and the investor receives both their principal and the agreed yield. If the target price is not reached, the investor simply receives their original asset back, along with the accrued interest.

In a typical dual investment scenario, an investor might deposit $10,000 in USDT while setting a target price to buy low Bitcoin at $50,000, below its current price of $55,000. Over a seven-day period, the product offers a high annualized yield, for example, an APY of 90%, which translates to roughly $173 in interest for the week.

If the price of Bitcoin falls to $50,000 or below during that period, the investor’s funds are automatically converted into Bitcoin at the agreed price, and they receive the equivalent value along with the earned yield. However, if the market does not reach the target level, the investor retains their original USDT deposit, plus the interest earned.

For a trader holding Bitcoin who chooses to sell high, if the market price rises to their target, the asset is sold, and returns are paid in USDT with yield; if not, the investor keeps their Bitcoin and still earns interest.

When the market is moving sideways without going anywhere, dual Investment traders have a way to still make money. Instead of just waiting for prices to rise or fall, they can earn interest on their crypto even during times of market consolidation.

CoinEx offers dual investment for BTC/USDT and ETH/USDT pairs, with a fixed APY of up to 400%.

However, just like any investment, dual investment comes with its own risks. CoinEx says that the product carries non-principal-protected risk. Market volatility and other unforeseen factors mean investors may experience losses or miss out on potential gains that could have been captured on the spot market.

Investors should also note that assets in dual investment products are locked until the end of the chosen period, meaning they cannot redeem or withdraw their funds before maturity and settlement.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

HONG KONG, March 20, 2026 (GLOBE NEWSWIRE) -- The crypto market may still be obsessed with old cycle scripts, but the next phase could look very different.

For years, Bitcoin’s trajectory has been framed through the lens of the four-year halving cycle: supply shock, euphoric rally, brutal crash, repeat. That framework helped explain much of the market’s behavior in its earlier, retail-driven phases. But as institutional capital deepens its presence, regulated vehicles expand access, and crypto-native infrastructure matures, the old narrative may no longer be enough.

CoinEx Research has been among the voices arguing that the market is entering a structurally different era. In its annual outlook, Crypto Market Outlook 2026: Unlock Certainty in Volatility , the firm set out a base-case scenario in which Bitcoin could reach $180,000 by the end of 2026. The projection drew attention, but the broader thesis behind it may be more important than the number itself: Bitcoin is increasingly being shaped by a combination of macro liquidity, institutional flows, and crypto-native catalysts rather than by halving alone.

According to Jeff Ko, Chief Analyst at CoinEx , that target should not be mistaken for a promise. It is, he says, a probability-weighted outcome built on several conditions that have yet to fully align.

“The $180,000 base case is not a guarantee,” Ko says. “We maintain that view based on the macro backdrop, the supply cycle, and the continued buildout of institutional infrastructure. But we follow data, not narrative.”

In CoinEx’s view, the single most important variable remains the global liquidity cycle. For Bitcoin to move toward that higher-end scenario, the Federal Reserve would need to do more than deliver a token rate cut or two. What matters is a sustained easing posture that materially loosens dollar liquidity conditions. Historically, when real yields fall and the U.S. dollar weakens, capital tends to rotate toward both risk assets and hard assets, creating a more constructive environment for Bitcoin.

Regulation is the other key variable. Markets often price uncertainty more harshly than bad news. A clearer legal framework for digital assets in the United States, especially if the CLARITY Act were to advance meaningfully, could help reduce one of the most persistent structural drags on institutional participation. Combined with regulatory progress in Europe and major Asian markets, CoinEx believes that would support deeper engagement from asset managers, corporate treasuries, and other allocators that have so far remained cautious.

Paradoxically, some of the market’s most fearful sentiment readings do not necessarily invalidate that thesis. Ko argues that they may actually fit it.

“Historically, periods of extreme fear have more often marked accumulation zones than distribution zones,” he says.

Still, CoinEx is explicit about what would force a reassessment. If inflation were to reaccelerate sharply, pushing the Fed back toward aggressive tightening and removing the prospect of meaningful easing through mid-2026, then the macro basis for the forecast would weaken materially. In that scenario, the firm says it would likely revisit the target.

Why CoinEx Thinks the Halving Script Is Breaking Down

Skeptics might argue that the market does not look so different after all. Bitcoin has still experienced a severe correction, and visually, the pattern can resemble previous bear phases. But CoinEx believes the underlying structure of the market has changed in ways that matter.

The first and most visible difference is the role of spot Bitcoin ETFs. In previous cycles, there was no continuously operating, regulated institutional buying mechanism of comparable scale. For CoinEx, the significance of ETFs lies not only in the size of inflows, but in how those flows behave under stress.

Earlier corrections were often dominated by retail capitulation, cascading liquidations, and limited institutional counterbalance. In the current environment, however, CoinEx points to continued ETF net inflows even during periods of market weakness. That, Ko argues, suggests the emergence of a structural bid that can absorb some selling pressure rather than allowing every correction to spiral into the kind of collapse seen in past cycles.

That helps explain why CoinEx does not expect another 80% Bitcoin drawdown of the kind that defined earlier eras. A 47% correction may still be painful, but in the firm’s framework, it does not automatically imply the old cycle is intact.

The derivatives market is another area where CoinEx sees meaningful change. In earlier cycles, derivatives often acted as a volatility amplifier, magnifying price swings as leveraged traders rushed in and out of positions. Today, the composition of activity appears different, especially in markets such as CME Bitcoin futures.

In 2020 and 2021, open interest on CME was driven more heavily by directional traders and hedge funds expressing momentum views. CoinEx believes that a larger share now appears to come from basis traders running cash-and-carry arbitrage strategies. These participants are generally less likely to panic during price declines, and their presence may help stabilize rather than intensify volatility.

CoinEx also points to earlier-than-usual volatility compression as a sign of a maturing market with deeper liquidity and a broader holder base. The firm’s view is reinforced by Bitcoin’s changing relationship with equities. Rather than maintaining a fixed correlation with the Nasdaq, Bitcoin increasingly appears to move in a regime-dependent way: more independently during crypto-specific developments, and more closely with equities during broad macro shocks.

That behavior matters. It suggests Bitcoin is no longer simply replaying a neat post-halving template. Instead, it is increasingly influenced by a layered interaction between macro conditions, institutional allocation behavior, and internal crypto market developments.

A More Selective Market, Not a Broad Altcoin Revival

That same logic of structural change also informs CoinEx’s view on altcoins.

In late 2025, Ko said liquidity would become “ruthlessly selective,” flowing primarily into blue-chip projects with real utility. At first glance, that may seem difficult to reconcile with an exchange model that supports a wide range of altcoins. But CoinEx argues that research and exchange operations serve different purposes.

The research view is essentially a statement about return dispersion. CoinEx does not expect a broad, indiscriminate altseason in which liquidity lifts all tokens at once. Instead, it expects capital to become increasingly concentrated in projects with stronger adoption, clearer use cases, and more resilient positioning.

That does not mean an exchange should narrow its market offering to match only its highest-conviction research calls. Exchanges exist to provide access, liquidity, price discovery, and risk transfer across a broad set of assets for different kinds of users. Some want long-term exposure. Others want tactical trading opportunities, ecosystem access, or early-stage optionality.

In that framework, listing breadth is not endorsement breadth. Supporting a wide universe of assets does not mean telling users they all deserve the same long-term allocation.

The distinction is increasingly important in a market where capital may no longer reward indiscriminate speculation. If CoinEx’s thesis is right, the coming phase will be defined less by market-wide exuberance and more by selective flows, durability, and utility.

CoinEx’s Product Strategy: Extending the Core, Not Chasing a New Narrative

That emphasis on practicality also shapes CoinEx’s recent product expansion.

In 2025, the company launched three products aimed at different user needs: CoinEx Vault , an institutional self-custody solution; CoinEx OnChain , which allows users to trade DEX-linked assets through a CEX interface; and CoinEx Pay , a payment product designed for real-world crypto settlement.

Rather than describing these products as a separate growth engine, CoinEx frames them as infrastructure extensions of its core business. The company’s main growth priority, it says, remains the continuous improvement of the trading experience. In that sense, Vault, OnChain, and Pay are not a pivot away from exchange services but a way of making the exchange ecosystem more complete.

Among the three, CoinEx appears to see OnChain as the closest extension of its central trading business. The product is designed to serve users who want exposure to long-tail or early-stage assets without waiting for a formal spot listing. More importantly, it reflects CoinEx’s broader view that centralized exchanges still have a long-term role in an increasingly on-chain market.

That role, however, is changing.

CoinEx argues that CEXs will no longer define themselves purely as the sole venue of execution. Instead, they may increasingly function as an access layer, trust layer, and service layer around decentralized liquidity. Even if decentralized exchange interfaces improve dramatically, many users will still prefer not to manage seed phrases, bridge assets manually, sign multiple transactions, or optimize gas and routing themselves. Products such as OnChain aim to abstract that complexity while preserving access to on-chain opportunities.

If that model works, the future of the centralized exchange may be less about competing with DeFi directly and more about packaging decentralized market access into a more usable, safer, and more compliant user experience.

Why CoinEx Thinks BTCFi Has Long-Term Potential

One of the clearest examples of that hybrid future is BTCFi.

Bitcoin-backed DeFi activity has grown significantly, and Bitcoin now ranks prominently in total value locked across DeFi ecosystems. But CoinEx is careful not to overstate what those numbers mean. A meaningful share of that TVL still comes from wrapped or bridged forms of Bitcoin such as WBTC and cbBTC , rather than from native Bitcoin programmability on Bitcoin’s own settlement layer.

That distinction matters. It shows that Bitcoin’s value is already being deployed in decentralized finance, but it does not necessarily mean Bitcoin’s own infrastructure is yet powering DeFi at scale. In CoinEx’s view, the more meaningful signal is the direction of innovation toward more native programmability and more trust-minimized Bitcoin-linked infrastructure, including projects such as Babylon and designs associated with BitVM.

CoinEx believes its connection to ViaBTC’s mining roots gives it a natural advantage in this area. Compared with exchanges that are more altcoin-centric, the company argues it has a deeper relationship with miners, long-term BTC holders, and Bitcoin-native users. But it also acknowledges that becoming a BTCFi hub would require much more than listing BTCFi tokens.

To play that role meaningfully, CoinEx would need to function as a practical access point for BTCFi exposure, simplifying discovery, trading, education, and capital rotation while filtering risk across a landscape that is still early and uneven in quality. In Ko’s view, a credible BTCFi platform should help users distinguish between serious Bitcoin-adjacent infrastructure, higher-quality yield opportunities, and more speculative wrappers or weak tokenization models that may not survive a full cycle.

The long-term case for BTCFi, CoinEx says, rests on a simple structural observation: Bitcoin remains the largest pool of relatively idle collateral in crypto. If even a modest share of that capital moves into lending, borrowing, structured yield, stablecoin backing, or cross-chain utility, the addressable market becomes enormous. But for BTCFi to endure, it has to offer real utility to Bitcoin holders without pushing them too far out on the risk curve.

The Killer App Question

CoinEx’s broader market worldview also shapes how it thinks about mass adoption.

The industry has spent years searching for a “killer app” that could bring Web3 into the mainstream in the same way that Facebook, Instagram, or Visa did for earlier waves of internet and financial infrastructure. CoinEx’s answer is not a social media clone or consumer super-app. Instead, it sees the strongest product-market fit emerging in two areas: cross-border payments based on crypto and stablecoins, and crypto-native financial infrastructure such as automated market makers, next-generation liquidity pools, and decentralized perpetuals.

That is a notably pragmatic answer. Rather than trying to build a consumer lifestyle brand inside Web3, CoinEx is positioning itself around infrastructure, access, and execution. It argues that its competitive edge lies in doing exchange-related functions exceptionally well, while enabling participation in the broader ecosystem rather than attempting to replace it.

That stance may not sound as glamorous as promising the “Instagram of Web3.” But it may be more consistent with where real adoption has already begun.

Where CoinEx Sees Overvaluation and Undervaluation in RWA

CoinEx applies a similarly practical filter to tokenized real-world assets.

The company remains cautious on tokenized private equity and venture capital, even though those segments often attract attention because they appear to promise liquidity for historically illiquid asset classes. CoinEx’s objection is straightforward: tokenization does not solve the core drivers of private market returns. Governance influence, operational value creation, information asymmetry, and manager quality still matter far more than whether an asset is wrapped in a token.

Nor does tokenization automatically solve the liquidity problem. At current market depth, CoinEx argues, the promised secondary market for tokenized private assets often remains more theoretical than real. In many cases, spreads and market depth still fall well short of what a mature secondary market would require. For that reason, the firm believes parts of the segment may be overvalued relative to the actual liquidity being delivered.

On the other hand, CoinEx remains constructive on tokenized Treasuries and short-duration government paper. In its view, these instruments already show real product-market fit and may still be underappreciated as the emerging base layer for on-chain cash management, collateral, and settlement. They combine legal clarity, yield visibility, institutional relevance, and relative operational simplicity in a way few other tokenized assets currently can.

The firm is also positive on tokenized trade finance , arguing that blockchain infrastructure maps directly onto longstanding pain points in that sector: slow settlement, documentation-heavy workflows, opaque counterparty risk, and constrained access for smaller businesses. In the same vein, CoinEx sees long-term potential in tokenized SME lending , where on-chain repayment histories, programmable collateral management, and transparent pool reporting could eventually open a new credit channel for smaller businesses while creating a potentially attractive asset class for investors.

A Market Defined Less by Hype Than by Structure

What emerges from CoinEx’s view is not simply a bullish call on Bitcoin or a product roadmap for one exchange. It is a broader argument that the crypto market is moving into a less theatrical and more structurally demanding phase.

In this version of the cycle, old narratives still matter, but they no longer explain enough on their own. Bitcoin is increasingly shaped by liquidity, institutions, and regulation rather than by halving alone. Altcoin markets may remain active, but capital is likely to become more selective. On-chain infrastructure is expanding, but usability, trust, and risk filtering still matter. And some of the most important growth segments may be the ones tied not to speculation, but to collateral, settlement, and practical financial plumbing.

If CoinEx is right, the next crypto cycle may not belong to the loudest story. It may belong to the strongest structure.

About CoinEx

Established in 2017, CoinEx is a user-centric cryptocurrency exchange backed by the industry-leading mining pool ViaBTC. Since its launch, CoinEx has been among the earliest exchanges to release proof-of-reserves and implement a 100% reserve policy, ensuring the security of user assets. Today, CoinEx serves over 10 million users across 200+ countries and regions and supports more than 1,100 cryptocurrencies with professional-grade features and services, establishing itself as a trusted crypto trading expert.

To learn more about CoinEx, visit: Website | Twitter | Telegram | LinkedIn | Facebook | Instagram  | YouTube

Contact: 
CoinEx 
[email protected]

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Most conversations in crypto focus on innovation and future trends – what if the real game-changers are the infrastructural blind spots we keep overlooking? In this episode, Jeff Ko, the "Chief Chill Guy" from CoinEx, pulls back the curtain on the industry's hidden vulnerabilities, from massive DeFi hacks to the challenge of cybersecurity in a rapidly evolving landscape.

Jeff, who started in private banking and now oversees research, investment, and product development at CoinEx, shares eye-opening insights on recent hacks like the Aave liquidity crisis and how institutional players are actually leveraging blockchain today, not just talking about it. You'll discover how major hacks happen not through smart contract bugs, but through collateral failure and social engineering—problems that are often more systemic than technical. We break down the surprising parallels between Web2 and Web3, and why solving infrastructural issues is a prerequisite for sustainable growth.

The panel navigates the pressing questions: Are institutions truly adopting crypto rails for stablecoins and settlement? How do industry leaders view the threats of scams, hacks, and frauds in a world dominated by AI and blockchain? Jeff emphasizes that the industry is still in a "stress test" phase—building trust through infrastructure, not just hype. And, most critically, he explains why fixing these underlying issues is the key to unlocking real mainstream adoption and resilience.

If you enjoyed this episode, please like and subscribe to Blockcast on your favorite podcast platforms like Spotify and Apple.

Blockcast is hosted by Head of APAC at Ledger, Takatoshi Shibayama. Previous episodes of Blockcast can be found here, with guests like Fredrick Gregaard (Cardano Foundation), Daren Guo (Reap), Yat Siu (Animoca Brands), Kean Gilbert (Lido), Joey Isaacson (Nook), Kapil Dhiman (Quranium) Eric van Miltenburg (Ripple), Davide Menegaldo (Neon EVM), Anastasia Plotnikova (Fideum), Jeremy Tan (Singapore parliament candidate), Hassan Ahmed (Coinbase) and more on our recent shows.

2026.05.21 11:22:52

May 21. On May 20, the U.S. Spot Hyperliquid ETF notched $25.5 million in net inflows—its largest single-day haul since launch. In the days leading up to that date, the ETF had posted net inflows of $4.4 million on Monday and $11 million on Tuesday. Data shows the 21Shares Hyperliquid ETF (THYP), which launched on May 12, brought in $16.7 million in net inflows that same day—up from the $5.3 million it saw the prior day. The Bitwise Hyperliquid ETF (BHYP), launched on May 14, took in $8.8 million, a jump from the $5.7 million it recorded the day before. Over its first seven trading days, the entire category has pulled in a total net inflow of $54 million. Peter Chung, research director at Presto Research, noted that when adjusted for market capitalization, institutional flows into the HYPE ETF have outpaced the speed of inflows into Bitcoin ETFs so far this year. Dominick John, an analyst at Zeus Research, added that these inflows signal investors are capitalizing on entry points tied to the infrastructure narrative, while recognizing the asset’s transparent, usage-driven revenue model. Fueling this momentum, HYPE’s token price surged 17.3% in the past 24 hours to $55.91, with a current market cap of roughly $13.4 billion. The token previously hit an all-time high of around $59.3 in September 2025. Per CoinGecko data, HYPE’s fully diluted valuation briefly reached about $54.7 billion, momentarily surpassing Solana’s $54.2 billion valuation at the time. Tim Sun, a senior researcher at HashKey Group, believes the sustained inflows into the HYPE ETF show the market is forming a new consensus: decentralized trading platforms are starting to be integrated into broader overhauls of financial infrastructure. Jeff Ko, chief analyst at CoinEx, pointed out that HYPE and its related ETFs have structural investment logic distinct from Bitcoin and Ethereum. He explained: Bitcoin acts as a non-yielding store of value; Ethereum centers on staking rewards; HYPE, meanwhile, operates more like equity in a cash-flow-generating trading platform—since the protocol uses most of its fees for open-market token buybacks, giving investors a more familiar valuation framework to work with. On-chain metrics confirm Hyperliquid has become a dominant player in on-chain perpetual contract and derivative trading. So far this week, the network has captured approximately 42% of total blockchain fees, outperforming Tron (22.6%), Solana (10.6%), and Ethereum (8%) in that key metric.

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OKX will launch CARDS spot trading today.

According to an official announcement, OKX will launch spot trading for CARDS (Collector Crypt) today. CARDS deposits will open at 18:00 UTC+8 on June 25, pre-ordering for the CARDS/USDT trading pair will run from 19:00 to 20:00 UTC+8, spot trading will officially commence at 20:00 UTC+8, and withdrawal functions will be available at 22:00 UTC+8.

3 minutes ago

Iran's Revolutionary Guards Corps warned that any vessels using the Strait of Hormuz route without Tehran's approval will be targeted.

Iran's Islamic Revolutionary Guard Corps (IRGC) issued a stern warning to international shipping on Wednesday, stating that any new shipping route through the Strait of Hormuz established without coordination with Tehran is unacceptable and dangerous, and threatening to take direct action against vessels that ignore its orders. The IRGC declared that vessels can only safely transit the Strait of Hormuz via routes designated by Iran. The IRGC Navy added that all vessels seeking to transit the strait must coordinate with the Iranian military via International Maritime Distress and Safety Frequency Channel 16, a requirement that effectively places Iranian military approval at the core of all commercial shipping transiting this key chokepoint. (Jinshi)

3 minutes ago

A crypto whale holding 120,000 ETH long positions has an unrealized loss of over $77 million, and added $8 million in margin in the early hours.

According to on-chain analyst ai_9684xtpa’s monitoring, a whale holding 120,000 ETH in long positions added $8 million in margin in the early hours. Currently, the total unrealized loss on its ETH long positions across four linked addresses stands at approximately $77.047 million, with an average entry price of around $2,265. Data shows the liquidation prices for the four addresses are $1,174.6, $1,059.1, $1,064.7, and $1,143.6 respectively. Despite the significant paper losses, there remains a large buffer before liquidation, and over 6 million USDC is still held on-chain to replenish margin, resulting in low short-term liquidation risk.

3 minutes ago

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PANews reported on May 26th that, according to Cointelegraph, crypto analytics platform Swissblock stated that Bitcoin is sliding into a high-risk environment due to continued institutional selling. Its Bitcoin Risk Index currently stands at 33, placing it in the high-risk zone. Swissblock points out that every time the risk index signals structural selling pressure overwhelming the market, it's because of institutional selling. Glassnode reported that since May 7th, US Bitcoin ETFs have recorded net outflows almost every trading day, with over two weeks of continuous institutional selling signals adding pressure to the supply side without any demand offsetting it. CoinEx's chief analyst, Jeff Ko, stated that spot ETFs have seen outflows exceeding $2 billion in the past two weeks, indicating that institutional risk appetite remains marginally sensitive. News of a new US strike against Iran on Tuesday morning further exacerbated the risk, causing Bitcoin to fall 1%, from $77,000 to below $76,500.

ViaBTC Launches “Proof of Decade” Campaign to Celebrate 10th Anniversary

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

As football fans celebrate the World Cup journey, CoinEx highlights the shared values of perseverance, growth, and long-term commitment in crypto.

Summary

CoinEx links World Cup ambition with crypto growth, celebrating belief, resilience, and long-term progress. Inspired by football’s road to glory, CoinEx highlights persistence, user focus, and blockchain opportunity. CoinEx marks the World Cup season with a campaign honoring believers, contenders, and champions in crypto. Every four years, the world comes together to witness football’s greatest stage. On the pitch, glory is never achieved overnight. Behind every victory lies years of preparation, discipline, setbacks, and perseverance. Long before champions lift the trophy, they begin with a simple belief — that their effort can lead to something greater.

The same spirit exists beyond football. In crypto, every user is a challenger navigating uncertainty, opportunity, and constant change. Success is never defined by a single moment. It is built through persistence, learning, and the willingness to move forward through every cycle.

As the world celebrates the pursuit of glory on the pitch, CoinEx celebrates the same spirit shared by millions across the global blockchain community.

Every champion starts as a believer Before victories, recognition, or defining moments, there is always a first step. For football players, it is the belief that years of training can lead to the world’s biggest stage. For crypto users, it is the belief that blockchain can unlock new possibilities and global opportunities.

Belief is the beginning of every journey. It gives people the courage to embrace uncertainty, explore new paths, and pursue undefined goals.

Since its founding in 2017, CoinEx has shared this belief. Guided by its mission: “Via blockchain, make the world a better place”, CoinEx has enabled more people to participate in the blockchain economy. What began as a belief has grown into a global platform serving users across regions, languages, and market cycles.

Great challenges create great contenders No World Cup campaign is won in a single match, and no meaningful progress in crypto is achieved through a single trade. Every journey is shaped by uncertainty and resilience.

Over the past decade, the blockchain industry has gone through multiple cycles of transformation. Through every phase, users have continued to learn and adapt through real participation.

CoinEx has moved through these cycles alongside its users. From a trading platform to a broader ecosystem — including CoinEx Wallet, CoinEx Vault, CoinEx Smart Chain, CoinEx Explorer, and CoinEx Charity — CoinEx has grown around one core principle: User Centric.

Every decision and product iteration is guided by one commitment: understanding user needs and supporting their journey. Because every contender deserves a platform that stands with them through every challenge.

Expertise is earned through every cycle In football, experience builds trust. The most respected teams are defined not by a single victory, but by consistent performance over time. Their reputation is proven, not declared.

The same is true in crypto. “Being your crypto trading expert” is not about predicting every market move, but about remaining reliable across conditions and helping users navigate uncertainty with clarity and confidence.

It is about understanding users, responding to their needs, and continuously improving the trading experience.

CoinEx has spent nearly a decade building a secure, accessible, and reliable trading environment. Across changing market conditions, one principle has remained unchanged: putting users first.

Glory belongs to those who keep moving forward
Champions are not defined solely by the trophies they lift. They are defined by the persistence that carries them through uncertainty, setbacks, and moments of doubt.

This World Cup season, CoinEx celebrates every challenger pursuing their own version of success. To bring this spirit into action, CoinEx has launched three core World Cup experiences:

The limited-edition CoinEx × ViaBTC World Cup jerseys, each representing a stage on the road to glory:

The BELIEVER — the courage to begin The CONTENDER — the drive to compete through challenges The CHAMPION — the moment persistence becomes achievement More than designs, they represent a shared journey from belief to glory.

At the same time, CoinEx opens the All In The Glory Futures PnL Ranking, where users enter a global competitive arena and compete for a share of the 15,000 USDT prize pool. Every trade becomes part of a real-time contest of skill, discipline, and performance.

For those just beginning their journey, the Newcomer Exclusive Reward Program provides a structured first step into the arena:

Deposit & ≥ 40 USDT → 40 USDT fee rebate Spot trading & ≥ 50 USDT → 30 USDT fee rebate Futures trading & ≥ 300 USDT → 30 USDT fee rebate Up to 100 USDT total rewards for new users Every journey begins with a first step. And every step deserves recognition.

All In The Glory

Every champion starts as a believer. Every contender is shaped through challenges. Every expert is earned through every cycle. And every moment of glory is achieved through perseverance. This World Cup season, CoinEx salutes every challenger continuing their journey toward something greater.

The Believer. The Contender. The Champion.

ALL IN THE GLORY.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.

Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)

3 minutes ago

Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.

According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.

3 minutes ago

STRC drops to near $80, marking another new all-time low.

According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.

3 minutes ago

OKX will launch CARDS spot trading today.

According to an official announcement, OKX will launch spot trading for CARDS (Collector Crypt) today. CARDS deposits will open at 18:00 UTC+8 on June 25, pre-ordering for the CARDS/USDT trading pair will run from 19:00 to 20:00 UTC+8, spot trading will officially commence at 20:00 UTC+8, and withdrawal functions will be available at 22:00 UTC+8.

3 minutes ago

Iran's Revolutionary Guards Corps warned that any vessels using the Strait of Hormuz route without Tehran's approval will be targeted.

Iran's Islamic Revolutionary Guard Corps (IRGC) issued a stern warning to international shipping on Wednesday, stating that any new shipping route through the Strait of Hormuz established without coordination with Tehran is unacceptable and dangerous, and threatening to take direct action against vessels that ignore its orders. The IRGC declared that vessels can only safely transit the Strait of Hormuz via routes designated by Iran. The IRGC Navy added that all vessels seeking to transit the strait must coordinate with the Iranian military via International Maritime Distress and Safety Frequency Channel 16, a requirement that effectively places Iranian military approval at the core of all commercial shipping transiting this key chokepoint. (Jinshi)

3 minutes ago

A crypto whale holding 120,000 ETH long positions has an unrealized loss of over $77 million, and added $8 million in margin in the early hours.

According to on-chain analyst ai_9684xtpa’s monitoring, a whale holding 120,000 ETH in long positions added $8 million in margin in the early hours. Currently, the total unrealized loss on its ETH long positions across four linked addresses stands at approximately $77.047 million, with an average entry price of around $2,265. Data shows the liquidation prices for the four addresses are $1,174.6, $1,059.1, $1,064.7, and $1,143.6 respectively. Despite the significant paper losses, there remains a large buffer before liquidation, and over 6 million USDC is still held on-chain to replenish margin, resulting in low short-term liquidation risk.

3 minutes ago

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