Blockchain analytics firm TRM Labs has accused CoinEx of facilitating more than $3.8 billion in blockchain-traced transactions linked to sanctioned Iranian crypto entities, a claim the exchange firmly denies.

TRM Labs said CoinEx played a key role in Iran’s crypto ecosystem, with about $3.84 billion in flows identified between the exchange and sanctioned Iranian entities over the past seven years.

The report also identifies CoinEx as the largest trading counterparty of Iran’s biggest exchange, Nobitex, which alone accounted for roughly $2.7 billion of those flows.

According to TRM Labs, CoinEx had direct exposure to more than 60 Iranian crypto platforms, with the pattern of activity suggesting coordinated relationships rather than isolated or organic trading behavior.

The analysis further highlighted links to designated entities, including around $6 million in transactions associated with wallets tied to the Islamic Revolutionary Guard Corps and $374,000 connected to Palestinian Islamic Jihad.

These findings come after the U.S. Treasury imposed sanctions on several Iranian exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex, all of which are referenced in the report.

CoinEx, which is registered in Seychelles, rejected the allegations, stating it has never maintained commercial relationships with Iranian government-related entities or provided services to sanctioned parties.

The exchange argued that blockchain transactions are inherently transparent and cross-platform, and that the presence of funds moving through its system does not imply knowledge of or participation in illicit activity. It also added that blockchain analytics data can vary significantly across providers and should not be treated as conclusive on its own.

CoinEx further said it has already started reviewing and winding down any remaining exposure related to Iran following the latest round of U.S. sanctions.