TRM Labs reported over $3.84 billion in crypto flows between CoinEx and more than 60 sanctioned Iranian platforms over seven years, including ties to Nobitex. CoinEx denied knowingly serving as a conduit, asserting neutrality and no official ties. TRM alleged a year-long money laundering scheme involving $67 million from Iran's central bank. CoinEx responded by strengthening identification of Iranian users and geo-fencing after Nobitex was sanctioned. Separately, the U.S. Treasury announced a $1 billion cryptocurrency seizure from Iran-linked entities. Under Secretary Scott Bessent, the U.S. has been proactive in sanctions enforcement. The confrontation highlights ongoing tensions over crypto's role in sanctions evasion.

Key facts

• TRM found $3.84B in crypto flows between CoinEx and 60+ Iranian platforms.
• CoinEx denies knowingly facilitating sanctioned Iranian funds, citing neutrality.
• Alleged money laundering scheme sent $67M from Iran's central bank via CoinEx.
• CoinEx enhanced user identification and geo-fencing post-Nobitex sanctions.
• U.S. seized $1B in crypto from Iran-linked entities, Treasury Secretary said.