CoinEx Says It Didn't Know It Was Helping Iran's Crypto Market — But $3.8 Billion in Transactions Say Otherwise

WHY IT MATTERS

Think of international sanctions like a 'do not serve' list for countries. When a country like Iran is sanctioned, businesses — including crypto exchanges — are supposed to block people from that country from using their services. CoinEx is accused of processing $3.8 billion worth of crypto transactions connected to Iran, which would be like a bank knowingly letting sanctioned individuals use their accounts. CoinEx says it didn't know, but regulators generally expect companies to have systems in place to catch this kind of activity. If you use a crypto exchange, this is a reminder to choose platforms with strong compliance practices — exchanges that cut corners on rules could face shutdowns, fines, or frozen funds, which could affect your money too.