Blockchain analytics firm TRM Labs reported that CoinEx facilitated more than $3.84 billion in crypto transactions with over 60 sanctioned Iranian platforms over seven years. CoinEx rejected the claims and stated it has begun exiting Iran-related business.
TRM Labs published its findings on Wednesday. The report identified CoinEx as the largest trading partner for Iran's Nobitex exchange, accounting for $2.7 billion of the flows. It also noted direct exposure to more than 60 Iranian crypto platforms and smaller transactions linked to entities such as the Islamic Revolutionary Guard Corps.
CoinEx, registered in Seychelles, issued a statement on Thursday disputing the analysis. The exchange said it has never established commercial relationships with Iranian government entities or domestic exchanges and has not provided assistance to sanctioned parties.
"Blockchain transactions are open, cross-platform, and traceable by nature. The fact that funds have passed through a platform onchain does not mean that the platform was aware of, supported, or participated in the related fund activity," CoinEx said. It added that data from third-party analytics platforms varies and should not be treated as definitive.
The U.S. Treasury sanctioned several Iranian exchanges, including Nobitex, earlier in June.
