Tether USDt (USDT)

South Korea's Personal Information Protection Commission decided on June 24 to fine cryptocurrency exchange Bithumb 21 billion KRW and ordered it to rectify its cross-border personal information transfer processes. The investigation showed that Bithumb, in sharing order books with overseas exchanges and transferring virtual assets, transferred member ID, order information, name, wallet address, date of birth and other personal information abroad without obtaining separate user consent. It is reported that Bithumb shared order books in the USDT market with overseas exchanges from September to November last year, and when transferring users' virtual assets to 13 overseas exchanges, provided sender and recipient information for anti‑money‑laundering purposes. (CBS) https://t.co/BIruUXdU1I

CoinEx and Iran

According to blockchain analysis by TRM Labs (cited in the @WSJ ), wallets with identifiable links to Iran have moved more than $3.84 billion through CoinEx since 2019. This includes:
• Significant flows involving Iran’s largest domestic crypto exchange, Nobitex (more than $763 million in 2025 alone, with CoinEx becoming Nobitex’s largest foreign counterparty by 2024, surpassing Binance after the latter faced U.S. penalties).
• Transactions linked to funds from major hacks, such as $1.5 billion stolen by North Korean hackers from Bybit, which reached Iranian Central Bank-linked wallets before routing through CoinEx.
• Dealings with entities tied to Iran’s Islamic Revolutionary Guard Corps (IRGC), including wallets associated with Alireza Derakhshan (linked to a sanctioned oil sales network) and Zedcex (connected to Babak Zanjani, described as an IRGC sanctions evasion strategist).
These flows often involve complex obfuscation techniques: stablecoins like USDT, bridging services between blockchains (e.g., Tron to Ethereum to Binance Smart Chain), smart contract swaps, and unhosted wallets to mix and fragment funds.
CoinEx, founded in 2017 by Chinese engineer Haipo Yang (also linked to a major Bitcoin mining pool), is based in Seychelles and had previously exited the U.S. market after a 2023 fine from New York’s attorney general. Yang acknowledged heavy Iranian usage but denied any government relationship, emphasized compliance measures (screening, monitoring), and noted recent steps to restrict new Iranian users and close Persian-language accounts amid rising scrutiny.

USDT Dominance is moving towards hitting a record high

As it stands, June is on track to be the highest-ever monthly close for USDT Dom

But it is just 6% away from beating the June 2022 peak, the current ATH

The FTX Crash is currently the second-largest print for USDT Dom https://t.co/H0bRsQGeZD