Back to Markets
Crypto▼ Bearish
CoinEx Rejects TRM Labs' $3.8B Iran Crypto Flow Claims
CoinEx denied TRM Labs' claim that $3.84 billion flowed between the exchange and sanctioned Iranian entities. The dispute raises questions about compliance monitoring at crypto exchanges.
Continue with
CoinEx rejected the conclusions of a blockchain intelligence report that claims to have traced more than $3.84 billion in flows between the exchange and sanctioned Iranian entities.
The exchange called the findings inaccurate and said the report relied on flawed data. TRM Labs, the firm behind the analysis, stood by its methodology.
The dispute centers on transactions TRM Labs linked to Iranian actors over the past seven years. The firm said it identified patterns consistent with sanctions evasion. CoinEx argued that the methodology misattributed legitimate trading activity.
The clash comes as US regulators increase pressure on crypto platforms to enforce sanctions rules. Several exchanges have faced penalties for compliance gaps. In one recent case, Bithumb was fined $136,000 over a data transfer error.
CoinEx operates out of Hong Kong and serves a global user base. The exchange has not disclosed whether it has received inquiries from US authorities.