Crypto exchange CoinEx denies facilitating $3.84 billion in transactions with sanctioned Iranian platforms over seven years.
Seychelles-based crypto exchange CoinEx denied allegations it knowingly processed $3.84 billion in transactions linked to over 60 sanctioned Iranian platforms. The exchange called itself a neutral global platform serving ordinary users, with no ties to Iranian authorities or sanctioned entities.
The accusations stem from a report citing blockchain analytics firm TRM Labs, which traced flows between CoinEx and Iranian exchanges, including Nobitex, recently sanctioned by the U.S. for alleged terrorist financing and ransomware payments. TRM described CoinEx as Nobitex’s largest external counterparty.
The dispute occurs amid heightened U.S. enforcement against crypto-related sanctions evasion, including a $1 billion Bitcoin seizure and sanctions on Iran’s largest crypto exchange.