Blockchain analytics firm TRM Labs has alleged that CoinEx handled more than $3.8 billion in blockchain-traced flows connected to sanctioned Iranian crypto entities, a claim the exchange strongly disputes.
According to TRM Labs, CoinEx acted as a significant entry point into Iran’s crypto ecosystem, with $3.84 billion in cumulative flows linked to sanctioned Iranian entities over the past seven years.
The report further states that CoinEx was the largest trading counterparty of Iran’s leading exchange, Nobitex, which accounted for about $2.7 billion of the total activity.
TRM Labs also found that CoinEx had direct exposure to more than 60 Iranian crypto platforms, arguing that the transaction patterns indicate structured relationships rather than incidental market activity.
In addition, the analysis flagged activity tied to designated entities, including roughly $6 million associated with wallets linked to the Islamic Revolutionary Guard Corps and $374,000 linked to Palestinian Islamic Jihad.
These findings come in the wake of U.S. Treasury sanctions targeting several Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex, which are also referenced in the report.
CoinEx, registered in Seychelles, rejected the allegations, stating it has never engaged in commercial relationships with Iranian government-linked entities or provided services to sanctioned parties.
The exchange added that blockchain transactions are inherently transparent and cross-platform, arguing that the movement of funds through its infrastructure does not imply awareness or involvement. It also noted that data from different blockchain analytics providers can vary significantly and should not be treated as definitive in isolation.
CoinEx said it has already begun reviewing and phasing out any remaining exposure related to Iran following the latest U.S. sanctions.
