TRM Labs traced $3.8 billion moved by 60 sanctioned Iranian entities through CoinEx and said that the exchange’s 8% share of illicit transactions was substantially higher than its counterparts.
Wallets with identifiable links to sanctioned Iranian entities have moved over $3.84 billion through cryptocurrency exchange CoinEx since 2019, making it one of the main channels used to bypass US economic sanctions, according to blockchain analytics company TRM Labs.
About 60 Iranian platforms were tied to the funds, with $2.7 billion of this flowing between CoinEx and Nobitex, Iran’s largest domestic cryptocurrency exchange, at an average rate of about $1 million per day since 2018, wrote TRM Labs in a Wednesday report.
By 2024, CoinEx was Nobitex’s largest external counterpart, nearly nine times that of the next-largest exchange, a pattern that TRM Labs called “inconsistent with independent market behaviour.”
The report comes three weeks after the US Treasury sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign. Days before the sanctions, Treasury Secretary Scott Bessent said the Treasury had seized $1 billion in crypto from Iranian exchanges and wallets since the start of the war.
In a statement published Thursday on X, CoinEx denied having any commercial relationship with the Iranian government or domestic Iranian exchanges and said it has never provided funding channels to sanctioned parties. The exchange also disputed TRM Labs’ interpretation of blockchain data, saying onchain fund flows do not demonstrate a platform's knowledge of or participation in illicit activity.
Iranian exchanges: CoinEx exposure & share volume, 2025. Source: TRM Labs
Most of the major Iranian domestic exchanges route about 5% to 10% of their trading volume through CoinEx, indicating a “coordinated arrangement rather than organic adoption,” according to TRM Labs.
CoinEx’s share of illicit transaction volume is nearly 8%, above the 0.3% threshold found at other compliant exchanges.
Related: US authorities freeze $344M in crypto linked to Iran
CoinEx-affiliated mining pool ViaBTC accounted for another $154 million in traced exposure to Nobitex through mining payouts and supplied emergency liquidity to Nobitex following Predatory Sparrow’s $90 million hack in June 2025.
Cointelegraph contacted ViaBTC for comment on TRM Labs' findings but had not received a response by publication.
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