Tehran IndexTehran Index
Live

Research layer for Iran's digital economy

Dashboard
Research
CompaniesSectorsEcosystemSignalsEvidenceInsights
Data products
App IndexForeign ExposureListed CompaniesThe Tehran IndexSector Briefing
Workspace
SearchWatchlistMy Desk
Governance
MethodologyScope & StandardsData termsAbout
TI Weekly. Five source-linked developments and one analysis note, every Friday.
Order a company dossier
Tehran IndexTehran Index
Tehran IndexTehran IndexMapping Iran’s Innovation Economy
Explore
CompaniesSectorsSignals
Standards
MethodologyScope & StandardsThe BenchmarkCorrectionsData termsPrivacyAboutInstitutional access
Contact
desk@tehranindex.comLinkedIn

Tehran Index is not affiliated with the Tehran Stock Exchange (TSE) and publishes no securities index of its own; exchange closing prices shown for tracked listed companies are public reference data (TSETMC / IFB). Tehran Index publishes independent research: every claim is sourced, every named company is resolved to the registry, and every figure carries its evidence state. It is not investment, legal or compliance advice. Tehran Index covers business, technology and markets only. © 2026 Tehran Index. All rights reserved.

HomeSearchWatchlistSignalsMore
Companies›Excoino

Excoino

Verified
Digital Assetscrypto-exchangeArnika (technology group) ›In the registry
Entity IDIR-CO-2104
SectorDigital Assets
Founded2017
HQTehran
VerificationVerified
Last reviewed2026-08-20

Crypto exchange; knowledge-based company since 2017; first Iranian multi-blockchain wallet provider. Tehran Index record: headquartered in Tehran, part of Arnika (technology group).

Doing business with Excoino? Check who legally owns and runs it: registry identity, capital and current board from the Official Gazette, in English with the Persian source, in three working days for USD 750. Full dossier with audited figures and competitors, USD 3,000. Order a Excoino registry check · see a free sample

BusinessLeadershipGroupOwnershipGapsSources
Business model & group
Users reported assets frozen and unwithdrawableReported 13 October 2025Third-party reported
Zoomit documented hundreds of users unable to withdraw balances ranging from under 10 million toman to figures in the billions, a petition carrying close to 300 signatures, and collective judicial complaints. Zoomit reported the problem as running for nearly four months at the time of publication. The exchange had a comparable withdrawal problem in summer 2023 that was resolved within months.
Zoomit ↗ · retrieved 2026-08-18Persian original: «صدها کاربر که سرمایه‌های خرد و کلان خود را در این صرافی بلوکه‌شده می‌بینند... دارایی‌هایی از کمتر از ۱۰ میلیون تا ارقام میلیاردی که صاحبانشان امکان برداشتش را ندارند». This is a reported user experience and a documented dispute, not a regulatory finding. The company response is recorded separately and neither account is presented as settled.
Company response to the withdrawal reportsResponse published 20 October 2025Third-party reported
Excoino rejected the allegations, said the report lacked accuracy and valid sources, attributed the problem to a temporary technical disruption following the twelve-day war, and stated that deposits and withdrawals had returned to normal with the majority of requests settled
Zoomit ↗ · retrieved 2026-08-18Persian original: «رد قاطع تمامی اتهامات» and «اکنون فرآیند برداشت و واریز کاربران به روال عادی بازگشته و بخش عمده درخواست‌ها تسویه شده است». The company's account of resolution is self-reported and Tehran Index has not independently confirmed it. Iran's Fintech Association separately said regulators were pursuing the users' problem (zoomit.ir/tech-iran/450699-fintech-association-about-excoino).
Withdrawal crisis and judicial actions, chronologyJune 2025 to January 2026, as reported on 19 February 2026Third-party reported
Systematic delays in rial and cryptocurrency withdrawals were reported from June 2025, which the company attributed to severe cyberattacks on its infrastructure on 15 and 18 June 2025. Between late August and late September 2025 the company published a report of 74,000 settled transactions, a claimed $25.5 million, as users organised protest campaigns and gathered outside its head office. In autumn 2025 it filed a judicial complaint against the technology outlet Zoomit. Around January 2026 the judiciary temporarily froze the accounts of Toufad, the company that operates Excoino, and the report states the accounts have since been reactivated. The exchange had claimed about six million users.
MihanBlockchain special report, 19 February 2026; Zoomit investigation; Mashregh News photographs, 30 Ordibehesht 1405 (20 May 2026) ↗ · retrieved 2026-08-20Narrowed on 28 October 2026 to what the MihanBlockchain special report, published 19 February 2026, states. The sealing of a Tehran office in May 2026 was reported elsewhere and is not in this report, so it is no longer stated here. Third-party allegations of misuse of customer assets and unbacked balances circulate in the same coverage and are deliberately not stated as fact here; only documented events are.
Leadership
Board of the operating entityGazette dated 23 August 2025, terms to 23 August 2027Official record
CEO Abbas Ostovarpour. Chairman Niloufar Radmehr. Vice chairman Somayeh Ahmadi.
Official corporate registry, via Rasmio ↗ · retrieved 2026-08-18A different board was recorded ten weeks earlier. The gazette of 17 June 2025 lists Nafiseh Mahroughi as CEO, representing Tejarat Electronic va Khadamat Khodro Iranian Kish, with Farideh Bani-Najjar as chair. The complete board turnover came during a public dispute about customer withdrawals.
Corporate family
Arnika (technology group)
FlightioTravelHomsaPropTech

Tracked entities in the same corporate family. Ownership percentages appear in Ownership & capital only when disclosed.

Ownership & capital
Brand to operator, stated by the company itselfCompany disclosed
The company's own page names شرکت دانش بنیان توفاد as the operator behind the brand. The passage is quoted verbatim in the source passage.
excoino.com (company website) ↗ · retrieved 2026-09-17Corroborated: two independent reads of this page returned the same sentence.
Holding companyAs reported 2 December 2025Third-party reported
Excoino and the travel platform Flightio are both described as significant companies of Arnika investment holding
Zoomit ↗ · retrieved 2026-08-18Persian original: «فلایتیو و اکسکوینو هر دو از شرکت‌های مهم هلدینگ سرمایه‌گذاری ارنیکا هستند». Trade press attribution, not a registry record. Recorded because two consumer facing platforms under one holding were reported to be withholding user funds in the same period.
What we don't know
Current status of the withdrawal dispute is not establishedNot disclosed
Recorded as an open question rather than settled either way. Leaving the company's own statement as the last word would present a contested resolution as fact; asserting the contrary on sources not yet opened would be the same error pointing the other way. The later reporting has not yet been verified.

Stated gaps are part of the record: in an opaque market, knowing what is NOT publicly established is as decision-relevant as what is.

Source ledger, every field, its evidence

The full audit trail for this record, 6 fields each with the documents behind it, is on its own page. Open the source ledger →

Work with this record
All Excoino signalsEvidence Library

Alerts, company comparisons, and full-history exports are joining the partner workspace. Request access →

Registered entity
Legal entityToseh Fanavari Arian Dadeh Peyvasteh Iranian Co. (trading as Tofad)
Entity typeprivate joint stock
StatusActive
Registered4 March 2019
Registered capital15.75 billion IRR
Board & shareholdersGazette 1404/06/01, terms to 1406/06/01. CEO Abbas Ostovarpour. Chairman Niloufar Radmehr. Vice chairman Somayeh Ahmadi.
Entity notesRegistered capital of 15.75 billion rial is small relative to the customer balances in dispute, and is not a measure of size. Holds a knowledge-based (danesh-bonyan) licence in ICT and software from the Vice Presidency for Science, from 1401/08/14. The Excoino trademark was registered 1399/05/26 under brand number 746084. ‖ LEADERSHIP CHANGED DURING THE WITHDRAWAL CRISIS, which is itself a signal worth dating: a gazette of 1404/03/27 (meeting 1404/02/30) recorded Nafiseh Mahroughi as CEO, representing Tejarat Electronic va Khadamat Khodro Iranian Kish (national ID [identifier held on the record]), with Farideh Bani-Najjar as chair. The gazette of 1404/06/01 records a different board entirely. ‖ Amir Taghaddosi appears in this entity's person records for 1400 but is not on the current board. ‖ The Arnika relationship rests on trade press, not on any board seat we have seen in this entity's gazettes, which is weaker than the Flightio link. ‖ SEALING VERIFIED 2026-08-20 (task 9): one office in Vanak, Tehran sealed 20 May 2026 with a judiciary representative present, photographed by Mashregh News, corroborated by legal-services coverage and consistent with the MihanBlockchain chronology. ‖ The group parent now has its own row: arnika (IR-CO-2391), legal identity established the same day.

Registered capital is the share capital recorded in the official gazette. Increases are real corporate events, but they are commonly funded from retained earnings or converted receivables and are also driven by inflation and regulatory minimums. It is not a valuation, and Tehran Index does not present it as one.

Official contact
Registered addressTehran, Pardis Phase 6, Pardis Technology Park
Evidence & verification
Verification tierVerified, registry / official source
Primary evidenceOfficial Website + LinkedIn
Registry identifiersWithheld for compliance

Fields on this profile derive from linked public sources or the official company registry; unknown values stay blank rather than guessed, and estimates are always labelled. How we verify →

Quick facts
Tehran, Iran
Founded 2017
www.excoino.comLinkedIn
Company dossier

Registry check on Excoino: legal entity, capital, board and managing director from the Official Gazette. USD 750, three working days. Full dossier with audited figures, competitors and risks: USD 3,000, five working days.

Order a registry checkOrder the full dossier
TI Weekly. Five source-linked developments and one analysis note, every Friday.