Blockchain analytics firm TRM Labs has accused CoinEx of processing more than $3.8 billion in blockchain-tracked transactions tied to sanctioned Iranian crypto entities, allegations the exchange strongly denies.
TRM Labs said CoinEx acted as a major access point for Iran’s crypto ecosystem, tracing $3.84 billion in flows between the exchange and sanctioned Iranian entities over the past seven years.
The report claims CoinEx was the largest trading partner of Iran’s biggest exchange, Nobitex, which alone accounted for roughly $2.7 billion of the activity.
It also states that CoinEx had direct exposure to more than 60 Iranian crypto platforms, suggesting to analysts that the pattern of activity points to coordinated relationships rather than incidental market flows.
Additionally, TRM Labs flagged transactions linked to designated groups, including about $6 million associated with wallets tied to the Islamic Revolutionary Guard Corps and $374,000 linked to Palestinian Islamic Jihad.
The findings come after the U.S. Treasury sanctioned several Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex, which were also referenced in the report.
CoinEx, registered in Seychelles, rejected the allegations, saying it has never maintained commercial relationships with Iranian government-linked entities or provided services to sanctioned parties.
The exchange argued that blockchain activity is transparent and cross-platform by nature, and that the movement of funds through its system does not imply knowledge of or participation in illicit activity. It also said reliance on a single blockchain analytics provider can be misleading due to discrepancies between data firms.
CoinEx added that it has already begun reviewing and winding down any remaining exposure related to Iran following the latest round of U.S. sanctions.
