Blockchain intelligence firm TRM Labs said CoinEx serves as a gateway for Iran’s crypto sector, having traced more than $3.84 billion in flows between the exchange and sanctioned Iranian entities over the past seven years.
TRM Labs said CoinEx has become the largest trading partner of Iran’s largest crypto exchange Nobitex, which accounted for around $2.7 billion in flows, according to a report published on Wednesday.
CoinEx had direct trading exposure with more than 60 Iranian crypto platforms, according to analysis by TRM Labs, which argued that these patterns suggested a coordinated relationship rather than organic market activity.
TRM Labs identified CoinEx’s exposure to several terrorism-related entities, such as $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps and $374,000 in exposure associated with Palestinian Islamic Jihad.
The US Treasury sanctioned a series of Iranian crypto exchanges as part of its campaign against the country’s government earlier this month, including Nobitex, Wallex, Bitpin and Ramzinex, all cited in the TRM Labs report.
