Blockchain analytics firm TRM Labs published findings alleging that crypto exchange CoinEx processed more than $3.84 billion in transactions tied to a network of over 60 sanctioned Iranian platforms. The report points to extensive connections between CoinEx and entities operating under international sanctions, raising questions about the exchange's compliance practices and exposure to illicit flows. CoinEx responded by denying any 'knowledge' of facilitating activity involving the sanctioned Iranian crypto market, distancing itself from intentional wrongdoing. The dispute highlights ongoing scrutiny of exchanges that may serve as conduits for sanctioned jurisdictions, where regulators and analytics providers increasingly track on-chain movements to identify evasion. The case underscores the challenges exchanges face in monitoring counterparties and the reputational and legal risks tied to sanctions compliance. Neither side has detailed how the flagged transactions occurred or what measures might follow.
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