Key facts
- TRM Labs reported $3.84 billion in crypto flows between CoinEx and sanctioned Iranian platforms.
- The reported flows occurred over a seven-year period.
- Over 60 sanctioned Iranian platforms were involved in these flows.
- CoinEx denies the allegations made by TRM Labs.
- CoinEx states it is a neutral global platform serving ordinary users.
- CoinEx claims it has no official ties to sanctioned Iranian entities.
Crypto exchange CoinEx has denied allegations that it facilitated substantial cryptocurrency flows to sanctioned Iranian platforms. A report by crypto analytics firm TRM Labs stated that over a seven-year period, CoinEx was involved in transactions totaling more than $3.84 billion with over 60 sanctioned Iranian entities. CoinEx has refuted these claims, asserting its position as a neutral global platform that serves ordinary users. The exchange explicitly stated that it has no official ties to any sanctioned Iranian entities. The report from TRM Labs highlights concerns about the use of cryptocurrency exchanges to circumvent international sanctions, particularly those targeting Iran's financial sector.