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Blockchain intelligence firm TRM Labs has tied cryptocurrency exchange CoinEx to $3.8 billion in funds linked to Iran, characterizing the platform as a crypto gateway for those flows.
The same analysis places CoinEx in contact with the Islamic Revolutionary Guard Corps and with sanctioned Russian entities — a combination that puts the exchange at the center of some of the most closely watched sanctions-evasion concerns in digital assets.
What TRM Labs Found TRM Labs, which traces fund movements on public blockchains and advises financial institutions and law enforcement, identified CoinEx as a conduit for Iran-associated transactions totaling $3.8 billion.
The firm described the exchange as functioning as a gateway — meaning it served as an entry or exit point for those funds rather than simply passing them through incidentally.
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