- TRM Labs said it traced over $3.84 million in flows between CoinEx and sanctioned Iranian crypto entities over a period of seven years.
- TRM said CoinEX handled around $2.7 billion in transfers with Nobitex, Iran's largest crypto exchange.
- CoinEx denied having any commercial relationship with Iranian exchanges or government entities, saying it has begun exiting Iran-related business.
Blockchain intelligence firm TRM Labs said CoinEx served as a gateway for the crypto sector in Iran, having traced more than $3.84 billion in flows between the exchange and sanctioned Iranian entities in the last seven years.
TRM Labs said CoinEx became the single biggest trading partner of Iran's largest crypto exchange Nobitex, which accounted for around $2.7 billion of the flows, according to a report published Wednesday.
CoinEx had direct transaction exposure with more than 60 Iranian crypto platforms, according to TRM Labs' analysis, which argued that this patterns suggested a coordinated relationship rather than organic market activity.
TRM Labs identified CoinEx exposure to several terrorist-linked entities, such as $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps and $374,000 of exposure associated with Palestinian Islamic Jihad.
The U.S. Treasury sanctioned an array of Iranian crypto exchanges as part of its campaign against the country's government at the start of this month, including Nobitex, Wallex, Bitpin and Ramzinex, all of which are cited in TRM Labs' report.
