TRM Labs Traces $3.84B in Crypto Flows Between CoinEx and Iran; Exchange Denies Claims

According to blockchain intelligence firm TRM Labs, CoinEx served as a major gateway for crypto activity tied to Iran, with the firm tracing more than $3.84 billion in flows between the exchange and sanctioned Iranian entities over the past seven years. TRM Labs said CoinEx became the single largest trading partner of Nobitex, Iran's largest domestic crypto exchange, which accounted for approximately $2.7 billion of the traced flows, and also identified exposure to wallets linked to the Islamic Revolutionary Guard Corps and Palestinian Islamic Jihad.

CoinEx rejected the findings, stating that blockchain transactions are open and traceable by nature, and that funds passing through a platform does not prove the platform was aware of or supported the activity. The exchange said it began a review and exit process from all Iran-related exposure after the U.S. sanctioned Iranian crypto platforms.