Woofun AI reports that CoinEx has formally denied establishing commercial relationships with Iranian government entities or sanctioned parties following a recent report by The Wall Street Journal. The exchange emphasizes that it was blacklisted by the Iranian government in 2021 and maintains no offices or operating entities within the country. CoinEx clarifies that while a global referral system exists, individual user promotions do not equate to organizational acts. Regarding specific transactions involving Alireza Derakhshan and Zedcex/Zanjani, the platform asserts these interactions concluded before U.S. Treasury sanctions were imposed on the respective entities. CoinEx further addressed the Bybit hack, noting its assistance in blocking accounts and freezing assets while highlighting its own status as a victim of a North Korea-linked cyber attack in 2023. The exchange argues that on-chain fund flows through a platform do not imply institutional knowledge or support for illegal activities, citing inherent limitations in third-party on-chain analytics.

Woofun AI data shows that following sanctions on Iranian exchanges like Nobitex, CoinEx implemented strict measures including refusing registrations from Iran, enhancing user identification, and deploying geofencing. The platform also strengthened Know Your Transaction (KYT) systems and disposed of accounts linked to illicit activities. CoinEx commits to continuing improvements in KYC, AML, and sanctions screening capabilities to maintain regulatory alignment. This response marks a significant defensive maneuver by the exchange to isolate its operations from geopolitical accusations.