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CoinEx Processed $3.8B in Iran-Linked Funds, TRM Labs Finds
CoinEx processed over $3.84B in flows from Iran's central bank, the IRGC, and sanctioned Russian entities since 2019, TRM Labs says. The findings raise OFAC enforcement risk.
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CoinEx processed more than $3.84 billion in flows tied to sanctioned Iranian entities since 2019, TRM Labs reported. The exchange handled transactions linked to the Central Bank of Iran and the Islamic Revolutionary Guard Corps. The report also included flows tied to sanctioned Russian entities, the blockchain analytics firm said.
The TRM Labs report draws on on-chain data and identifies wallets and addresses that the firm says are controlled by sanctioned parties. The $3.84 billion figure covers cumulative volume through CoinEx's platform, including deposits, withdrawals, and internal transfers. TRM Labs did not specify what share of that total came from each entity.
The scale of the flows places CoinEx among the largest crypto intermediaries handling funds linked to Iran sanctions. The U.S. Office of Foreign Assets Control has imposed fines and penalties on several exchanges for similar violations. In some cases, regulators have required exchanges to exit the U.S. market or face criminal charges.