Iran-linked entities moved $3.8B through CoinEx, TRM says
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.”