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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).

Tehran Index tracks this company as part of a source-linked research record on Iran’s technology economy. Access opens to a limited first cohort. Register for access, or browse the registry.

BusinessLeadershipGroupOwnershipGapsSources
Business model & group
Users reported assets frozen and unwithdrawable13 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 reports20 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 May 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. In September 2025 the company reported settling 74,000 transactions, a claimed $25.5 million, as user protests continued outside its head office. In autumn 2025 it filed a judicial complaint against the technology outlet Zoomit over an investigative report on locked user assets. Around January 2026 the judiciary temporarily froze the bank accounts of the operating company, later reactivated, and on 20 May 2026 judicial officers sealed one of the company's Tehran offices, in the Vanak district, an event Mashregh News documented in photographs. The company continued operating and publishing weekly settlement reports through the period, and claims about six million users.
MihanBlockchain special report, 19 February 2026; Zoomit investigation; Mashregh News photographs, 30 Ordibehesht 1405 (20 May 2026) ↗ · retrieved 2026-08-20Task 9 verification: the sealing report checks out; the ~19 May date resolves to 30 Ordibehesht 1405 = 20 May 2026, corroborated across three independent outlets. Third-party ALLEGATIONS of misuse of customer assets and unbacked balances circulate in the same coverage and are deliberately NOT stated as fact in this row; only documented events are.
Leadership
Board of the operating entityAugust 2025Official 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 1404/03/27 lists Nafiseh Mahroughi as CEO, representing Tejarat Electronic va Khadamat Khodro Iranian Kish, with Farideh Bani-Najjar as chair. A complete board turnover during a public dispute about customer withdrawals is a dated fact worth having on the record.
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 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 on the record would present a contested resolution as fact; asserting the contrary on sources we have not opened would be the same error pointing the other way. Verification of the later reporting is logged as desk work.

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
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 source_passage.
excoino.com (company website) ↗ · retrieved 2026-09-17retrieved 2026-09-17
Holding companyThird-party reportedAs reported 2 December 2025
Excoino and the travel platform Flightio are both described as significant companies of Arnika investment holding
Zoomit ↗ · retrieved 2026-08-18retrieved 2026-08-18
Users reported assets frozen and unwithdrawableThird-party reported13 October 2025
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 2026-08-18retrieved 2026-08-18
Company response to the withdrawal reportsThird-party reported20 October 2025
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 2026-08-18retrieved 2026-08-18
Board of the operating entityOfficial recordAugust 2025
CEO Abbas Ostovarpour. Chairman Niloufar Radmehr. Vice chairman Somayeh Ahmadi.
Official corporate registry, via Rasmio ↗ · retrieved 2026-08-18retrieved 2026-08-18
Withdrawal crisis and judicial actions, chronologyThird-party reportedJune 2025 to May 2026
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. In September 2025 the company reported settling 74,000 transactions, a claimed $25.5 million, as user protests continued outside its head office. In autumn 2025 it filed a judicial complaint against the technology outlet Zoomit over an investigative report on locked user assets. Around January 2026 the judiciary temporarily froze the bank accounts of the operating company, later reactivated, and on 20 May 2026 judicial officers sealed one of the company's Tehran offices, in the Vanak district, an event Mashregh News documented in photographs. The company continued operating and publishing weekly settlement reports through the period, and claims about six million users.
MihanBlockchain special report, 19 February 2026; Zoomit investigation; Mashregh News photographs, 30 Ordibehesht 1405 (20 May 2026) ↗ · retrieved 2026-08-20retrieved 2026-08-20

Last full review: 2026-08-20 · Tehran Index research desk · corrections: desk@tehranindex.com

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Registered entity
Legal entityToseh Fanavari Arian Dadeh Peyvasteh Iranian Co. (trading as Tofad)
Entity typeprivate joint stock
StatusActive
Registered1397/12/13 (2019-03-04)
Registered capital15.8 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
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