Japan · Iran · U.S. Treasury · CoinDesk
CoinEx disputes asserts it served as $3.84 billion gateway to sanctioned Iranian crypto firms
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Blockchain intelligence firm TRM Labs said CoinEx served as a gateway for the crypto sector in Iran, having traced more than $3.84 billion in flows between the exchange and sanctioned Iranian entities in the last seven years.
Key facts
- TRM Labs identified CoinEx exposure to several terrorist-linked entities, such as $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps and $374,000
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- Blockchain intelligence firm TRM Labs said CoinEx served as a gateway for the crypto sector in Iran, having traced more than $3.84 billion in flows between the exchange and sanctioned Iranian
- TRM Labs said CoinEx became the single biggest trading partner of Iran's largest crypto exchange Nobitex, which accounted for around $2.7 billion of the flows, according to a report published
Summary
TRM Labs said it traced over $3.84 million in flows between CoinEx and sanctioned Iranian crypto entities over a period of seven years. TRM said CoinEX handled around $2.7 billion in transfers with Nobitex, Iran's largest crypto exchange. CoinEx denied having any commercial relationship with Iranian exchanges or government entities, saying it has begun exiting Iran-related business. TRM Labs said CoinEx became the single biggest trading partner of Iran's largest crypto exchange Nobitex, which accounted for around $2.7 billion of the flows, according to a report published Wednesday.