CoinEx rejected the conclusions of a report by blockchain intelligence firm TRM Labs, which claims to have traced more than $3.84 billion in flows between the exchange and sanctioned Iranian entities over the past seven years. According to TRM Labs, CoinEx became the primary trading partner of Nobitex, Iran’s largest exchange, and had direct exposure to more than 60 Iranian platforms, suggesting a coordinated relationship rather than organic market activity.
The exchange denied having established commercial relationships with Iranian entities or having provided active assistance to government bodies, the Revolutionary Guard, or any sanctioned party. It also noted that its official domain has been blocked within Iran since 2021, which, according to the company, demonstrates that it does not operate as a platform recognized by Iranian authorities.
Regarding the on-chain data analysis, CoinEx questioned TRM Labs’ methodology and stated that combining bidirectional flows into an aggregate figure and presenting it as processed funds is highly misleading. It emphasized that the movement of funds through a platform does not imply knowledge of or participation in any illicit activity.
The company reported that, following the U.S. Treasury’s sanctions on Iranian exchanges in early June, it initiated a review and exit process from all Iran-linked exposure, reinforced restrictive geolocation controls, and improved its on-chain transaction monitoring systems.
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