CoinEx Refutes Allegations of Being $3.84 Billion Link to Sanctioned Iranian Crypto Firms

CoinEx contests claims made by TRM Labs about its involvement with Iranian crypto exchanges.

CoinEx has firmly rejected allegations that it facilitated over $3.84 billion in transactions with sanctioned Iranian cryptocurrency firms, as reported by blockchain intelligence firm TRM Labs. The claims suggest that CoinEx was a major conduit for the Iranian crypto sector over the past seven years.

According to TRM Labs, CoinEx acted as the primary trading partner for Nobitex, Iran's largest cryptocurrency exchange, which accounted for approximately $2.7 billion of the transactions. The analysis also highlighted that CoinEx had direct transaction exposure to over 60 Iranian cryptocurrency platforms, indicating a potentially coordinated relationship rather than random market activity.

Additionally, TRM Labs noted that CoinEx had exposure to entities associated with terrorism, including transactions tied to the Islamic Revolutionary Guard Corps and Palestinian Islamic Jihad. This scrutiny comes amid recent U.S. Treasury sanctions imposed on several Iranian crypto exchanges, including Nobitex.

In response, CoinEx, registered in Seychelles, stated that it has never engaged in commercial relationships with Iranian government-related entities or domestic exchanges. The company emphasized its commitment to exiting operations related to Iran and indicated that the presence of funds on its platform does not imply involvement in or support for illicit activities. CoinEx remarked that blockchain transactions are inherently open and traceable, and called for caution in interpreting data from various analytics platforms.

Following the recent sanctions, CoinEx has initiated a review process to sever all ties with Iranian operations, aiming to ensure compliance with international regulations.