TRM Labs reports that CoinEx facilitated over £3.8 billion in blockchain transactions with sanctioned Iranian crypto firms, a claim CoinEx contests.
By Jamie Crawley, AI Boost|Edited by Oliver Knight Jun 25, 2026, 10:56 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Tudoran Andrei/Shutterstock)SummaryShow- TRM Labs reported tracing over $3.84 million in transactions involving CoinEx and sanctioned Iranian crypto firms over seven years.
- The firm noted that CoinEx handled approximately $2.7 billion in transactions with Nobitex, Iran's largest cryptocurrency exchange.
- CoinEx has denied any commercial ties with Iranian exchanges or government bodies, stating it is in the process of exiting Iran-related operations.
According to blockchain intelligence firm TRM Labs, CoinEx acted as a conduit for the Iranian cryptocurrency sector, facilitating over $3.84 billion in transactions with sanctioned Iranian entities across seven years.
TRM Labs indicated that CoinEx emerged as the primary trading partner for Nobitex, Iran's leading crypto exchange, which accounted for about $2.7 billion of these transactions, as detailed in a report released on Wednesday.
The analysis revealed that CoinEx had direct transaction exposure with over 60 Iranian cryptocurrency platforms, suggesting a potentially coordinated relationship rather than spontaneous market activity.
TRM Labs also highlighted CoinEx's exposure to various entities linked to terrorism, including $6 million in transactions involving wallets tied to the Islamic Revolutionary Guard Corps and $374,000 linked to Palestinian Islamic Jihad.
Earlier this month, the U.S. Treasury imposed sanctions on a number of Iranian cryptocurrency exchanges, part of its ongoing efforts against the Iranian government. This included Nobitex, Wallex, Bitpin, and Ramzinex, all mentioned in TRM Labs' findings.
CoinEx, which is registered in Seychelles, disputed the report's conclusions, asserting it has "never engaged in any commercial relationships with Iranian government-related entities, Iranian domestic exchanges," nor has it "provided any form of active assistance to Iranian government agencies, Revolutionary Guard-related entities, or other sanctioned parties."
In a statement released Thursday, CoinEx emphasized that blockchain transactions are fundamentally open, cross-platform, and traceable. They stated that the mere passage of funds through their platform does not imply awareness, support, or involvement in the activities associated with those funds. "Data from various third-party blockchain analytics platforms can vary widely, and information from any single platform should not be considered definitive," CoinEx added. "Following the U.S. sanctions on Iranian exchanges, we have initiated a review and exit process from all exposures related to Iran."
IranAI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.Latest Crypto News- 1Crypto relief rally fails to shake persistent bearish derivatives signal6 minutes ago
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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