Iran-linked entities moved $3.8B through CoinEx, TRM says
TRM Labs says wallets linked to sanctioned Iranian entities moved more than $3.84 billion through CoinEx since 2019, making the exchange a major channel for evading US sanctions. Roughly 60 Iranian platforms were connected to the flow, including $2.7 billion moving between CoinEx and Nobitex, Iran’s largest domestic exchange, at about $1 million per day since 2018. By 2024, CoinEx had become Nobitex’s largest external counterparty, far exceeding other exchanges in a pattern TRM described as inconsistent with normal market behavior. Most major Iranian exchanges reportedly sent 5% to 10% of their volume through CoinEx, suggesting coordination. CoinEx denied any relationship with the Iranian government or sanctioned parties and disputed the interpretation of onchain data. TRM also traced additional exposure through CoinEx-linked ViaBTC and noted Nobitex’s central role in Iran’s crypto economy.
