Blockchain intelligence firm TRM Labs has alleged that Seychelles-registered crypto exchange CoinEx facilitated over $3.84 billion in flows with sanctioned Iranian crypto entities over a seven-year period, including $2.7 billion with Nobitex, Iran's largest exchange. The report, published on June 25, 2026, identified CoinEx as the biggest trading partner for multiple Iranian platforms and flagged exposure to entities linked to the Islamic Revolutionary Guard Corps and Palestinian Islamic Jihad, amounting to $6 million and $374,000 respectively. These findings come after the U.S. Treasury sanctioned several Iranian exchanges earlier in June, including Nobitex and Wallex. CoinEx has vehemently denied the allegations, stating it has no commercial ties with Iranian government entities or exchanges and that blockchain transaction data alone does not imply awareness or support of sanctioned activity. The exchange claims it is already reviewing and exiting Iran-related exposure. The dispute highlights the ongoing challenges in tracing and attributing crypto flows involving sanctioned jurisdictions, with TRM Labs arguing the patterns suggest coordination, while CoinEx attributes them to open, cross-platform blockchain transactions.

Key facts

• TRM Labs traced over $3.84 billion in flows between CoinEx and sanctioned Iranian entities over 7 years.
• CoinEx was the largest trading partner of Iran's Nobitex, with $2.7 billion in transfers.
• Report flagged $6 million in exposure to Islamic Revolutionary Guard Corps-linked wallets.
• CoinEx denies any commercial relationship with Iranian exchanges or government entities.
• CoinEx says it has begun exiting Iran-related business after U.S. sanctions on Iranian exchanges.