TRM Labs Ties $3.84B in Crypto Flows to CoinEx and Iranian Groups

Blockchain forensics firm TRM Labs identified $3.84 billion in traceable cryptocurrency transactions between CoinEx and entities under international sanctions. The Iranian exchange Nobitex handled $2.7 billion of that total, making it CoinEx's dominant external counterparty.

Nobitex is Iran's largest digital-asset platform. TRM Labs said the transactions were flagged as part of a broader investigation into sanctioned jurisdictions. The report did not specify the exact time period covered.

CoinEx, a Hong Kong-based exchange, has been under U.S. sanctions since November 2023, when the Treasury's Office of Foreign Assets Control designated it for allegedly facilitating transactions for ransomware attackers and other illicit actors. The new findings link the exchange directly to Iranian entities, adding another layer of regulatory exposure.

The immediate market reaction was muted. Bitcoin (BTC) and Ethereum (ETH) showed little price movement after the TRM Labs report surfaced. The development raises the risk premium for traders who use exchanges with sanctions exposure.

Clearing the flagged transactions would require CoinEx to strengthen its compliance screening and cooperate with regulators. The exchange has not publicly commented on the TRM Labs findings. Further traceable flows or enforcement actions from OFAC could escalate the situation.

TRM Labs flagged the transactions in its latest report on crypto-related illicit finance, which the firm uses to track risks in the digital-asset ecosystem. The $3.84 billion figure represents traceably verified flows, not necessarily all transfers between the parties.