CoinEx Disputes Claims of $3.84 Billion Ties to Sanctioned Iranian Firms

Allegations of Sanctioned Transactions

Blockchain analytics firm TRM Labs asserts that CoinEx has facilitated over $3.84 billion in transactions linked to sanctioned Iranian cryptocurrency entities over the past seven years. TRM Labs notes that a significant portion of these flows, approximately $2.7 billion, is tied to Nobitex, the largest crypto exchange in Iran. The analysis further indicates that CoinEx had direct transaction exposure with more than 60 Iranian crypto platforms.

Rebuttal from CoinEx

In response to TRM's findings, CoinEx categorically denies having any commercial relationships with Iranian exchanges or government-related entities. It states that it has initiated a review and exit process from all business associated with Iran following recent U.S. sanctions imposed on several Iranian crypto exchanges, including Nobitex. CoinEx argues that “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.”

Context of Sanctions

The U.S. Treasury sanctioned various Iranian crypto exchanges at the start of June 2026 as part of broader efforts to curtail Iran’s use of cryptocurrency in evading economic sanctions. CoinsEx's involvement was highlighted in the context of TRM Labs’ analysis, which cites transactions involving entities linked to terrorism, such as wallets associated with the Islamic Revolutionary Guard Corps and Palestinian Islamic Jihad.

What to Monitor Next

As CoinEx embarks on its exit strategy from Iranian-related business, the implications of these allegations and their potential impact on the exchange's operations warrant close attention. Stakeholders may watch for updates on CoinEx’s compliance strategies and whether additional sanctions could further affect their international activities.