How $3.8 Billion in Iran-Linked Crypto Flowed Through a Single Exchange Slug: trm-labs-coinex-iran-sanctions

Blockchain analytics firm TRM Labs says one exchange handled illicit transaction volume roughly 27 times higher than its compliant peers.

According to TRM Labs, wallets linked to about 60 sanctioned Iranian entities have moved roughly $3.8 billion through crypto exchange CoinEx since 2019 — with some $2.7 billion of that flowing specifically between CoinEx and Nobitex, Iran’s largest domestic exchange.

The scale of the pattern is what stands out most: TRM says CoinEx’s illicit transaction share sits near 8% of the volume it reviewed, compared to a roughly 0.3% benchmark TRM cites for exchanges it considers compliant.

CoinEx has denied any commercial relationship with Iranian exchanges or government entities, and says it has already begun exiting Iran-related business. The report, first published in late June 2026, has continued drawing attention as a case study in how sanctioned funds move through exchanges that operate outside direct U.S. jurisdiction.

For an industry pushing regulators for clearer rules, cases like this one are exactly what skeptical lawmakers point to when arguing crypto still needs tighter guardrails, not fewer.

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