CoinEx Calls $3.84B Sanctions-Evasion Allegations “Unfounded” Amid Crypto Scrutiny

Blockchain analytics firm TRM Labs has alleged that CoinEx processed more than $3.8 billion in blockchain-traced flows linked to sanctioned Iranian crypto entities, an allegation the exchange strongly rejects.

TRM Labs said CoinEx functioned as a major on-ramp into Iran’s crypto ecosystem, with $3.84 billion in total flows traced between the exchange and sanctioned Iranian entities over the past seven years.

The report also identified CoinEx as the largest trading counterparty of Iran’s leading exchange, Nobitex, which accounted for roughly $2.7 billion of those flows.

According to the analysis, CoinEx had direct exposure to more than 60 Iranian crypto platforms, with transaction patterns suggesting coordinated activity rather than incidental market interactions.

The report further flagged activity involving designated groups, including about $6 million linked to wallets associated with the Islamic Revolutionary Guard Corps and $374,000 tied to Palestinian Islamic Jihad.

These findings follow recent U.S. Treasury sanctions against several Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex, which were also cited in the report.

CoinEx, registered in Seychelles, denied the claims, stating it has never entered into commercial relationships with Iranian government-related entities or provided services to sanctioned parties.

The exchange argued that blockchain transactions are inherently open and traceable, and that the presence of funds passing through its platform does not indicate awareness or involvement in illicit activity. It also noted that analytics results vary across providers and should not be treated as definitive in isolation.

CoinEx added that it has already begun reviewing and winding down any remaining exposure tied to Iran following the latest U.S. sanctions.