CoinEx Rejects Allegations of Acting as $3.84B Channel for Sanctioned Iranian Crypto Firms

Blockchain analytics firm TRM Labs has alleged that CoinEx processed over $3.8 billion in blockchain-tracked transactions involving sanctioned Iranian crypto entities, a claim the exchange firmly rejects.

According to TRM Labs, CoinEx functioned as a key access point for Iran’s crypto ecosystem, with more than $3.84 billion in flows linked to sanctioned Iranian entities over the past seven years.

The report also said CoinEx was the largest trading counterparty of Iran’s biggest exchange, Nobitex, which alone accounted for roughly $2.7 billion of the total activity.

TRM Labs further found that CoinEx had direct exposure to over 60 Iranian crypto platforms, arguing that the pattern of transactions suggests coordinated activity rather than incidental market interaction.

The analysis also flagged links to entities associated with designated groups, including around $6 million tied to wallets linked to the Islamic Revolutionary Guard Corps and $374,000 connected to Palestinian Islamic Jihad.

Following recent U.S. Treasury sanctions on several Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex, TRM Labs included these platforms in its assessment of CoinEx’s exposure.

CoinEx, which is registered in Seychelles, strongly denied the allegations, stating it has never maintained commercial relationships with Iranian government-linked entities or provided any services to sanctioned organizations.

The exchange added that blockchain transactions are inherently open and traceable, arguing that the mere movement of funds through a platform does not imply awareness or involvement in illicit activity. It also criticized reliance on a single analytics provider, noting that different blockchain data firms often produce inconsistent results.

CoinEx further said it has already begun reviewing and exiting any remaining exposure linked to Iran following the latest wave of U.S. sanctions.