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CoinEx Responds to Wall Street Journal Report, Details Compliance Measures and Iran-Related Risk Controls
TRM Labs said CoinEx handled $3.84 billion in flows tied to sanctioned Iranian entities over seven years, while CoinEx denied any Iranian government links.
- On Wednesday, blockchain intelligence firm TRM Labs reported that Seychelles-registered CoinEx served as a gateway for the Iranian crypto sector, tracing more than $3.84 billion in flows between the exchange and sanctioned Iranian entities over seven years.
- CoinEx maintained direct transaction exposure with more than 60 Iranian crypto platforms, with Nobitex accounting for around $2.7 billion of the flows and emerging as the exchange's single biggest trading partner.
- TRM Labs identified CoinEx exposure to terrorist-linked entities, including $6 million in transactions involving wallets associated with the Islamic Revolutionary Guard Corps and $374,000 linked to Palestinian Islamic Jihad.
- In a statement on Thursday, Seychelles-registered CoinEx rejected the report's findings, asserting it has "never established any commercial relationship with Iranian government-related entities, Iranian domestic exchanges."
- Following Treasury sanctions against Nobitex, Wallex, Bitpin, and Ramzinex earlier this month, CoinEx stated it began a review and exit process from all Iran-related exposure.
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CoinEx denies claims it served as $3.84 billion gateway to sanctioned Iranian crypto firms
Blockchain analysts TRM Labs says CoinEx facilitated more than $3.8 billion in blockchain-traced flows with sanctioned Iranian crypto entities. CoinEx disputes the findings.
·New York, United States
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TRM Labs has traced $3.84 billion in flows between CoinEx and over 60 sanctioned Iranian entities. Analysts say they have identified flows involving the Revolutionary Guardians and the Palestinian Islamic Jihad. Read article Iran: A crypto exchange would have facilitated for $3.84 billion in transactions appeared first on Cryptoast.
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