CoinDesk
Blockchain intelligence firm TRM Labs said CoinEx served as a gateway for sanctioned Iranian crypto entities, tracing more than $3.84 billion in flows between the Seychelles-registered exchange and blacklisted counterparties over the past seven years. TRM's report, published Wednesday, argued that CoinEx became the single largest trading partner of Nobitex, Iran's biggest crypto exchange, accounting for roughly $2.7 billion of that total.
The report also identified direct transaction exposure with more than 60 Iranian crypto platforms, a pattern TRM said pointed to a coordinated relationship rather than organic market activity. Within that volume, TRM Labs flagged $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps, plus $374,000 of exposure tied to Palestinian Islamic Jihad. CoinEx rejected the findings in a Thursday statement, saying it has "never established any commercial relationship with Iranian government-related entities, Iranian domestic exchanges," or "provided any form of active assistance to Iranian government agencies, Revolutionary Guard-related entities, or other sanctioned parties."
Why it matters
The findings land just weeks after the U.S. Treasury sanctioned a slate of Iranian crypto exchanges, including Nobitex, Wallex, Bitpin and Ramzinex, all of which appear in TRM's report. That timing gives the allegations immediate political weight: any platform alleged to have moved billions to entities the U.S. has already designated sits inside an active enforcement lane, not a historical one. CoinEx's defense leans on the open, pseudonymous nature of blockchain transactions, arguing that funds passing through the platform onchain does not prove awareness or participation. That framing may be a tough sell in a compliance environment that increasingly treats inadequate KYC controls as the institutional failure itself.
Market impact
The exchange said it has begun a review and exit process from all Iran-related exposure following the Treasury designations, and disputed that single-vendor analytics should be treated as definitive. The next moves to watch: whether U.S.
Frequently asked questions
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What did TRM Labs accuse CoinEx of doing?
TRM Labs alleged CoinEx served as a gateway for sanctioned Iranian crypto entities, tracing more than $3.84 billion in flows over seven years, with roughly $2.7 billion going to Nobitex, Iran's largest exchange.
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How did CoinEx respond to the allegations?
CoinEx rejected the findings, saying it has never had a commercial relationship with Iranian government-related entities or domestic exchanges. It argued onchain fund flows do not prove awareness or participation and called for caution with single-vendor analytics.
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Which sanctioned entities appeared in the TRM report?
TRM identified $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps and $374,000 tied to Palestinian Islamic Jihad. The report also cited Iranian exchanges Nobitex, Wallex, Bitpin and Ramzinex, recently sanctioned by the U.S. Treasury.
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How does this connect to recent U.S. sanctions on Iran?
The findings land weeks after the U.S. Treasury sanctioned a slate of Iranian crypto exchanges including Nobitex. That timing elevates the allegations from a historical compliance question to a live enforcement concern for CoinEx and its counterparties.
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What happens next for CoinEx?
CoinEx says it has begun exiting all Iran-related exposure. Watch whether U.S. authorities open a formal probe, whether banking partners tighten exposure, and whether other compliance vendors confirm or dispute TRM's 60-platform figure.
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