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CoinEx Denies $3.84B Gateway Claims To Sanctioned Iranian Crypto Firms
TRM Labs linked $3.84B in flows between CoinEx and sanctioned Iranian firms, including crypto exchange Nobitex. CoinEx denied all commercial ties.
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Blockchain intelligence firm TRM Labs said Seychelles-registered exchange CoinEx served as a gateway for Iran’s crypto sector, tracing more than $3.84 billion in flows between the exchange and sanctioned Iranian entities over the last seven years.
CoinEx became the single biggest trading partner of Iran’s largest crypto exchange, Nobitex, which accounted for roughly $2.7 billion of the flows, according to a report published Wednesday. TRM’s analysis found CoinEx had direct transaction exposure to more than 60 Iranian crypto platforms, a pattern the firm described as suggesting “a coordinated relationship rather than organic market activity.”
The firm also identified CoinEx exposure to several terrorist-linked entities, including $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps and $374,000 in exposure tied to Palestinian Islamic Jihad.
The U.S. Treasury sanctioned an array of Iranian crypto exchanges at the start of this month, including Nobitex, Wallex, Bitpin and Ramzinex – all of which appear in the TRM report.