Blockchain intelligence firm TRM Labs alleged that CoinEx acted as a gateway for Iran’s cryptocurrency sector, tracing over $3.84 billion in flows between the exchange and sanctioned Iranian entities across seven years.
According to TRM Labs, CoinEx was the single largest trading partner of Iran’s biggest crypto exchange Nobitex, accounting for around $2.7 billion of those volumes. The analysis also found direct transaction exposure to over 60 Iranian platforms and links to terrorist-linked entities, including $6 million with wallets tied to the Islamic Revolutionary Guard Corps and $374,000 associated with Palestinian Islamic Jihad.
CoinEx rejected the findings, stating it never established any commercial relationship with Iranian government entities or domestic exchanges. The Seychelles-registered firm emphasized that blockchain transactions are open and that the passage of funds through a platform does not imply knowledge or support. CoinEx added it has begun a review and exit process from all Iran-related exposure following the U.S. Treasury’s sanctions on Iranian exchanges.