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CoinEx denies claims it served as $3.84 billion gateway to sanctioned Iranian crypto firms
Key takeaways
- TRM Labs said CoinEx became the single biggest trading partner of Iran's largest crypto exchange Nobitex, which accounted for around $2.7 billion of the flows, according to a report published Wednesday.
- "Blockchain transactions are open, cross-platform, and traceable by nature.
- CoinEx added that it began a review and exit process from all Iran-related exposure following the sanctioning of Iranian exchange by the U.S.
Blockchain intelligence firm TRM Labs said CoinEx served as a gateway for the crypto sector in Iran, having traced more than $3.84 billion in flows between the exchange and sanctioned Iranian entities in the last seven years.
TRM Labs said CoinEx became the single biggest trading partner of Iran's largest crypto exchange Nobitex, which accounted for around $2.7 billion of the flows, according to a report published Wednesday.
CoinEx had direct transaction exposure with more than 60 Iranian crypto platforms, according to TRM Labs' analysis, which argued that this patterns suggested a coordinated relationship rather than organic market activity.
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