Blockchain analysis firm TRM Labs reports CoinEx processed billions in transactions with sanctioned Iranian crypto entities over seven years.
Cryptocurrency exchange CoinEx denied allegations it facilitated $3.84 billion in transactions with sanctioned Iranian firms, following a report by blockchain analysts. The findings claim CoinEx handled £3.8 billion in blockchain-traced flows linked to Iranian entities, including $2.7 billion with Iran’s largest exchange, Nobitex.
TRM Labs stated the exchange had direct exposure to over 60 Iranian crypto platforms, suggesting a coordinated relationship. The report also identified $6 million in transactions tied to wallets linked to the Islamic Revolutionary Guard Corps, alongside smaller flows totaling $374,000.
CoinEx refuted the claims, asserting it has no commercial ties to Iranian exchanges or government entities and has begun exiting Iran-related operations. The allegations highlight regulatory risks for crypto platforms amid heightened scrutiny of sanctions compliance.