Blockchain intelligence firm TRM Labs alleges that crypto exchange CoinEx processed more than $3.84 billion in blockchain-traced transactions involving sanctioned Iranian crypto entities, positioning the platform as a significant conduit for funds linked to restricted parties. The findings raise potential compliance and regulatory concerns, given international sanctions targeting Iran's access to global financial and digital-asset networks. CoinEx has publicly rejected the analysis, disputing both the volume cited and the characterization of its role in facilitating such flows. The dispute highlights ongoing tensions between blockchain analytics providers, who trace on-chain activity to flag illicit or sanctioned transactions, and exchanges that contest the interpretation of that data. The allegations could attract scrutiny from regulators focused on enforcing sanctions in the crypto sector. As of publication, no enforcement action has been confirmed, and the conflicting accounts remain unresolved.
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