{"id":4057,"date":"2026-06-25T20:10:36","date_gmt":"2026-06-25T20:10:36","guid":{"rendered":"https:\/\/tokenmetrics.com\/blog\/coinex-denies-iran-sanctions-allegations\/"},"modified":"2026-06-25T20:10:36","modified_gmt":"2026-06-25T20:10:36","slug":"coinex-denies-iran-sanctions-allegations","status":"publish","type":"post","link":"https:\/\/tokenmetrics.com\/coinex\/news\/coinex-denies-iran-sanctions-allegations\/","title":{"rendered":"CoinEx Denies Knowledge of Aiding Sanctioned Iran Crypto Market"},"content":{"rendered":"<h2>Signal Snapshot<\/h2>\n<ul>\n<li>TRM Labs identified over $3.84 billion in crypto flows between CoinEx and Iranian platforms over seven years.<\/li>\n<li>CoinEx denied knowledge of facilitating sanctioned transactions, claiming neutrality and ordinary user activity.<\/li>\n<li>The exchange implemented geo-fencing and enhanced monitoring after Nobitex sanctions.<\/li>\n<li>U.S. Treasury seized $1 billion in crypto from Iran-linked entities.<\/li>\n<li>TRM labeled CoinEx as &#8220;Iran&#8217;s primary gateway to global crypto markets.&#8221;<\/li>\n<li>The exchange faces regulatory scrutiny amid U.S. enforcement actions.<\/li>\n<\/ul>\n<h2>Key Takeaways<\/h2>\n<ul>\n<li>TRM Labs alleges CoinEx processed $3.84 billion with Iranian platforms including sanctioned Nobitex.<\/li>\n<li>CoinEx claims it serves ordinary users globally and moved quickly to block Iranian access post-sanctions.<\/li>\n<li>The dispute highlights growing U.S. enforcement against crypto used for sanctions evasion.<\/li>\n<\/ul>\n<h2>What Happened<\/h2>\n<p>Crypto analytics firm TRM Labs published a <a href=\"https:\/\/www.trmlabs.com\/resources\/blog\/how-coinex-became-irans-primary-gateway-to-global-cryptocurrency-markets?utm_campaign=Brand-Global_how-coinex-became-irans-primary-gateway-to-global-cryptocurrency-markets_Blog&amp;utm_medium=media-outreach&amp;utm_source=ari-redbord&amp;utm_campaignname=Brand-Global&amp;utm_activity=how-coinex-became-irans-primary-gateway-to-global-cryptocurrency-markets&amp;utm_activitytype=Blog\" target=\"_blank\" rel=\"noopener\">blog post<\/a> detailing connections between CoinEx and more than 60 Iranian platforms. The analysis highlighted CoinEx&#8217;s relationship with Nobitex, Iran&#8217;s largest crypto exchange. Which received U.S. sanctions earlier this month for allegedly facilitating terrorist financing and sanctions evasion.<\/p>\n<p>According to TRM Labs, CoinEx served as Nobitex&#8217;s &#8220;single largest external counterparty&#8221; and maintained transaction exposure to Iranian military entities. The firm identified over $3.84 billion in flows between CoinEx and a mining pool owned by ViaBTC. CoinEx&#8217;s parent company, over a seven-year period.<\/p>\n<p>CoinEx responded on X, stating: &#8220;We firmly reject any narrative that conflates ordinary user activity with state-level sanctions evasion. Any inference that equates on-chain fund flows with platform knowledge of, support for, or participation in illicit activity.&#8221;<\/p>\n<p>The exchange emphasized its status as a neutral global platform serving ordinary users worldwide. With no official ties to Iranian authorities or sanctioned entities.<\/p>\n<h2>Why It Matters<\/h2>\n<p>The allegations against CoinEx underscore the ongoing challenge for crypto exchanges to prevent their platforms from being used for sanctions evasion. TRM Labs argued that CoinEx&#8217;s connectivity to more than 60 Iranian entities &#8220;is unlikely to be independent market behavior.&#8221;<\/p>\n<p>The firm also alleged that CoinEx&#8217;s platform was involved in a year-long money laundering scheme ending this month. Receiving $67 million derived from Iran&#8217;s central bank through transfers across multiple blockchains.<\/p>\n<p>CoinEx stated that after Nobitex was sanctioned, it &#8220;moved quickly&#8221; to strengthen identification of Iranian users, implement comprehensive geo-fencing, detect suspicious transactions. Ramp up action against accounts using the platform for illicit activity.<\/p>\n<p>The dispute occurs amid heightened U.S. enforcement against crypto used by sanctioned entities. 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Recompute via\n\t\t\t\/\/ `curl -sS <src> | openssl dgst -sha384 -binary | base64`\n\t\t\t\/\/ when bumping the version.\n\t\t\ts.integrity = 'sha384-stKllnUqA9AD0gsKCuUtf5XlqAW7PwIgDagoNsTWkjkBmJ\/GZ\/uHTgEBxdLV2VSK';\n\t\t\ts.async = true;\n\t\t\ts.crossOrigin = 'anonymous';\n\t\t\ts.onload = cb;\n\t\t\ts.onerror = function () { console.warn('[tm-tv-chart] failed to load lightweight-charts'); };\n\t\t\tdocument.head.appendChild(s);\n\t\t}\n\n\t\tfunction priceFormat(value) {\n\t\t\tvar abs = Math.abs(value);\n\t\t\tif (abs >= 0.01)    { return { precision: 2, minMove: 0.01 }; }\n\t\t\tif (abs >= 0.0001)  { return { precision: 6, minMove: 0.000001 }; }\n\t\t\treturn { precision: 8, minMove: 0.00000001 };\n\t\t}\n\t\tfunction formatPrice(value) {\n\t\t\tvar fmt = priceFormat(value);\n\t\t\treturn '$' + value.toLocaleString('en-US', { minimumFractionDigits: fmt.precision, maximumFractionDigits: fmt.precision });\n\t\t}\n\t\tfunction formatChangeAbs(value) {\n\t\t\tvar sign = value >= 0 ? '+' : '\u2212';\n\t\t\tvar abs  = Math.abs(value);\n\t\t\tvar fmt  = priceFormat(abs);\n\t\t\treturn sign + '$' + abs.toLocaleString('en-US', { minimumFractionDigits: fmt.precision, maximumFractionDigits: fmt.precision });\n\t\t}\n\t\tfunction updateQuote(figure, data) {\n\t\t\tvar priceEl  = figure.querySelector('[data-tm-chart-price]');\n\t\t\tvar changeEl = figure.querySelector('[data-tm-chart-change]');\n\t\t\tif (!priceEl || !changeEl || data.length === 0) { return; }\n\t\t\tvar last = data[data.length - 1];\n\t\t\tvar dayAgoTs = last.time - 86400;\n\t\t\tvar baseline = data[0];\n\t\t\tfor (var i = data.length - 1; i >= 0; i--) {\n\t\t\t\tif (data[i].time <= dayAgoTs) { baseline = data[i]; break; }\n\t\t\t}\n\t\t\tvar changeAbs = last.value - baseline.value;\n\t\t\tvar changePct = baseline.value !== 0 ? (changeAbs \/ baseline.value) * 100 : 0;\n\t\t\tpriceEl.textContent  = formatPrice(last.value);\n\t\t\tchangeEl.textContent = formatChangeAbs(changeAbs) + ' (' + (changePct >= 0 ? '+' : '\u2212') + Math.abs(changePct).toFixed(2) + '%)';\n\t\t\tchangeEl.classList.remove('tm-tv-chart__change--up', 'tm-tv-chart__change--down');\n\t\t\tif (changeAbs > 0) { changeEl.classList.add('tm-tv-chart__change--up'); }\n\t\t\telse if (changeAbs < 0) { changeEl.classList.add('tm-tv-chart__change--down'); }\n\t\t}\n\n\t\tfunction fetchOhlc(coinId, days) {\n\t\t\tvar url = 'https:\/\/api.coingecko.com\/api\/v3\/coins\/' + encodeURIComponent(coinId)\n\t\t\t\t+ '\/ohlc?vs_currency=usd&days=' + encodeURIComponent(days);\n\t\t\treturn fetch(url, { credentials: 'omit' }).then(function (r) {\n\t\t\t\tif (!r.ok) { throw new Error('coingecko ' + r.status); }\n\t\t\t\treturn r.json();\n\t\t\t}).then(function (rows) {\n\t\t\t\tif (!Array.isArray(rows)) { return []; }\n\t\t\t\treturn rows.map(function (k) {\n\t\t\t\t\treturn { time: Math.floor(k[0] \/ 1000), value: parseFloat(k[4]) };\n\t\t\t\t});\n\t\t\t});\n\t\t}\n\n\t\tfunction renderOne(figure) {\n\t\t\tif (figure.dataset.tmChartReady) { return; }\n\t\t\tif (figure.dataset.tmChartFetching) { return; }\n\t\t\tvar coinId = figure.getAttribute('data-tm-chart-id');\n\t\t\tvar days   = figure.getAttribute('data-tm-chart-days') || '14';\n\t\t\tvar height = parseInt(figure.getAttribute('data-tm-chart-height') || '220', 10);\n\t\t\tvar canvas = figure.querySelector('.tm-tv-chart__canvas');\n\t\t\tif (!coinId || !canvas) { return; }\n\t\t\t\/\/ Greptile P1 (PR #1470): only mark the figure ready AFTER\n\t\t\t\/\/ the OHLC fetch resolves successfully. The earlier flow set\n\t\t\t\/\/ the flag before the await, so a single 429 from CoinGecko\n\t\t\t\/\/ permanently disabled retry for that page-load \u2014 every\n\t\t\t\/\/ subsequent renderAll() call (e.g. on resize \/ hashchange)\n\t\t\t\/\/ would short-circuit on the stale flag and the chart would\n\t\t\t\/\/ stay blank forever. The intermediate `tmChartFetching`\n\t\t\t\/\/ flag still prevents in-flight double-fetches.\n\t\t\tfigure.dataset.tmChartFetching = '1';\n\n\t\t\tfetchOhlc(coinId, days).then(function (data) {\n\t\t\t\tif (!data || data.length === 0) {\n\t\t\t\t\tdelete figure.dataset.tmChartFetching;\n\t\t\t\t\treturn;\n\t\t\t\t}\n\t\t\t\tfigure.dataset.tmChartReady = '1';\n\t\t\t\tdelete figure.dataset.tmChartFetching;\n\t\t\t\tvar precision = priceFormat(data[data.length - 1].value);\n\t\t\t\t\/\/ Greptile P2 (PR #1470): canvas.clientWidth is 0 when\n\t\t\t\t\/\/ the .tm-tv-chart__canvas isn't laid out yet (lazy-load\n\t\t\t\t\/\/ container, hidden tab, accordion). lightweight-charts\n\t\t\t\t\/\/ silently accepts 0 and creates an invisible chart.\n\t\t\t\t\/\/ Fall back to offsetWidth, then a sane default.\n\t\t\t\tvar initialWidth = canvas.clientWidth || canvas.offsetWidth || 600;\n\t\t\t\tvar chart = window.LightweightCharts.createChart(canvas, {\n\t\t\t\t\twidth: initialWidth,\n\t\t\t\t\theight: height,\n\t\t\t\t\tlayout: { background: { color: TM_BRAND.bg }, textColor: TM_BRAND.text, fontFamily: '-apple-system, BlinkMacSystemFont, Segoe UI, Roboto, sans-serif', attributionLogo: false },\n\t\t\t\t\tgrid: { vertLines: { visible: false }, horzLines: { color: TM_BRAND.grid } },\n\t\t\t\t\trightPriceScale: { borderColor: TM_BRAND.border },\n\t\t\t\t\ttimeScale: {\n\t\t\t\t\t\tborderColor: TM_BRAND.border,\n\t\t\t\t\t\ttimeVisible: true,\n\t\t\t\t\t\tsecondsVisible: false,\n\t\t\t\t\t\t\/\/ End-user feedback: the default DayOfMonth formatter\n\t\t\t\t\t\t\/\/ shows bare numbers (\"4 7 10 13 16\") with no month\n\t\t\t\t\t\t\/\/ context, leaving readers to guess what month\n\t\t\t\t\t\t\/\/ they're looking at. Force a Month-Day format for\n\t\t\t\t\t\t\/\/ DayOfMonth ticks and full Month-Day-Year for\n\t\t\t\t\t\t\/\/ Month\/Year ticks. lightweight-charts passes a\n\t\t\t\t\t\t\/\/ numeric tickMarkType from its TickMarkType enum:\n\t\t\t\t\t\t\/\/ 0=Year, 1=Month, 2=DayOfMonth, 3=Time, 4=TimeWithSeconds.\n\t\t\t\t\t\ttickMarkFormatter: function (time, tickMarkType, locale) {\n\t\t\t\t\t\t\tvar d = new Date(time * 1000);\n\t\t\t\t\t\t\tif (tickMarkType === 0) {\n\t\t\t\t\t\t\t\treturn d.getUTCFullYear().toString();\n\t\t\t\t\t\t\t}\n\t\t\t\t\t\t\tif (tickMarkType === 1) {\n\t\t\t\t\t\t\t\treturn d.toLocaleDateString(locale, { month: 'short', year: 'numeric', timeZone: 'UTC' });\n\t\t\t\t\t\t\t}\n\t\t\t\t\t\t\t\/\/ DayOfMonth (2) and any time-level ticks fall\n\t\t\t\t\t\t\t\/\/ through to month-day, which is the format users\n\t\t\t\t\t\t\t\/\/ actually wanted on the 14-day chart.\n\t\t\t\t\t\t\treturn d.toLocaleDateString(locale, { month: 'short', day: 'numeric', timeZone: 'UTC' });\n\t\t\t\t\t\t}\n\t\t\t\t\t},\n\t\t\t\t\tcrosshair: { mode: 0 },\n\t\t\t\t\thandleScroll: false,\n\t\t\t\t\thandleScale: false\n\t\t\t\t});\n\t\t\t\tvar series = chart.addAreaSeries({\n\t\t\t\t\tlineColor: TM_BRAND.line,\n\t\t\t\t\ttopColor: TM_BRAND.fillTop,\n\t\t\t\t\tbottomColor: TM_BRAND.fillBot,\n\t\t\t\t\tlineWidth: 2,\n\t\t\t\t\tpriceFormat: { type: 'price', precision: precision.precision, minMove: precision.minMove }\n\t\t\t\t});\n\t\t\t\tseries.setData(data);\n\t\t\t\tchart.timeScale().fitContent();\n\t\t\t\tupdateQuote(figure, data);\n\t\t\t\tif (window.ResizeObserver) {\n\t\t\t\t\tvar ro = new ResizeObserver(function () { chart.applyOptions({ width: canvas.clientWidth }); });\n\t\t\t\t\tro.observe(canvas);\n\t\t\t\t}\n\t\t\t}).catch(function (err) {\n\t\t\t\t\/\/ Greptile P1 (PR #1470): clear the in-flight flag on\n\t\t\t\t\/\/ failure so a future renderAll() can retry. Without\n\t\t\t\t\/\/ this, a 429 from CoinGecko leaves the figure\n\t\t\t\t\/\/ permanently in a half-loaded state.\n\t\t\t\tdelete figure.dataset.tmChartFetching;\n\t\t\t\tconsole.warn('[tm-tv-chart] data fetch failed for ' + coinId, err);\n\t\t\t});\n\t\t}\n\n\t\tfunction renderAll() {\n\t\t\tvar figures = document.querySelectorAll('[data-tm-chart]');\n\t\t\tif (figures.length === 0) { return; }\n\t\t\tloadLibrary(function () { figures.forEach(renderOne); });\n\t\t}\n\n\t\tif (document.readyState === 'loading') {\n\t\t\tdocument.addEventListener('DOMContentLoaded', renderAll);\n\t\t} else {\n\t\t\trenderAll();\n\t\t}\n\t})();\n\t<\/script>\n\t\t\n<h2>Token Metrics View<\/h2>\n<p>Token Metrics data shows Bitcoin trading around $59,550, down about 1% over the past 24 hours and off roughly 5% for the week. The market appears to be processing regulatory developments with technical indicators reading bearish. Momentum is running weak with volatility moderate. Bitcoin is trading sideways inside its recent range, suggesting uncertainty among traders.<\/p>\n\t\t<aside\n\t\tclass=\"tm-token-stats\"\n\t\tdata-tm-token-stats\n\t\tdata-tm-stats-id=\"bitcoin\"\n\t\tdata-tm-stats-lookback=\"365\"\n\t\taria-label=\"Bitcoin key statistics\"\n\t>\n\t\t<header class=\"tm-token-stats__header\">\n\t\t\t<h3 class=\"tm-token-stats__title\">Bitcoin \u00b7 Key Stats<\/h3>\n\t\t\t<span class=\"tm-token-stats__lookback\">365d lookback<\/span>\n\t\t<\/header>\n\t\t<section class=\"tm-token-stats__section\">\n\t\t\t<h4 class=\"tm-token-stats__section-label\">Market<\/h4>\n\t\t\t<dl class=\"tm-token-stats__grid\">\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Market Cap<\/dt><dd data-tm-stats-value=\"market-cap\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Vol \/ Cap<\/dt><dd data-tm-stats-value=\"turnover\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>52-Week Range<\/dt><dd data-tm-stats-value=\"range-52w\">\u2014<\/dd><\/div>\n\t\t\t<\/dl>\n\t\t<\/section>\n\t\t<section class=\"tm-token-stats__section\">\n\t\t\t<h4 class=\"tm-token-stats__section-label\">Performance<\/h4>\n\t\t\t<dl class=\"tm-token-stats__grid\">\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>30d<\/dt><dd data-tm-stats-value=\"change-30d\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>1y<\/dt><dd data-tm-stats-value=\"change-1y\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>vs BTC<\/dt><dd data-tm-stats-value=\"vs-btc\">\u2014<\/dd><\/div>\n\t\t\t<\/dl>\n\t\t<\/section>\n\t\t<section class=\"tm-token-stats__section\">\n\t\t\t<h4 class=\"tm-token-stats__section-label\">Risk (1y)<\/h4>\n\t\t\t<dl class=\"tm-token-stats__grid\">\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Volatility<\/dt><dd data-tm-stats-value=\"volatility\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Max Drawdown<\/dt><dd data-tm-stats-value=\"max-drawdown\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Sharpe<\/dt><dd data-tm-stats-value=\"sharpe\">\u2014<\/dd><\/div>\n\t\t\t<\/dl>\n\t\t<\/section>\n\t\t<p class=\"tm-token-stats__source\">Data via CoinGecko. Risk metrics from the trailing daily closes.<\/p>\n\t<\/aside>\n\t\t<script id=\"tm-token-stats-hydrator\">\n\t(function () {\n\t\t\/\/ Routed through the tm-coingecko-proxy Worker (5-min KV cache,\n\t\t\/\/ paid Pro key) instead of api.coingecko.com directly. Base URL is\n\t\t\/\/ resolved server-side from the `tm_token_card_coingecko_proxy_base`\n\t\t\/\/ filter \/ TM_COINGECKO_PROXY_BASE constant so staging can point\n\t\t\/\/ at a separate Worker.\n\t\tvar PROXY_BASE = \"https:\\\/\\\/tokenmetrics.com\\\/api\\\/cg\";\n\t\tvar DAYS_PER_YEAR = 365;\n\t\tvar coinCache = {};\n\t\tfunction fetchJson(url) {\n\t\t\treturn fetch(url, { credentials: 'omit' }).then(function (r) {\n\t\t\t\tif (!r.ok) { throw new Error('coingecko ' + r.status); }\n\t\t\t\treturn r.json();\n\t\t\t});\n\t\t}\n\t\tfunction fetchSnapshot(id) {\n\t\t\tif (coinCache['snap_' + id]) { return coinCache['snap_' + id]; }\n\t\t\tvar url = PROXY_BASE + '\/coins\/' + encodeURIComponent(id)\n\t\t\t\t+ '?localization=false&tickers=false&community_data=false&developer_data=false&sparkline=false';\n\t\t\tcoinCache['snap_' + id] = fetchJson(url);\n\t\t\treturn coinCache['snap_' + id];\n\t\t}\n\t\tfunction fetchSeries(id, days) {\n\t\t\tvar key = 'series_' + id + '_' + days;\n\t\t\tif (coinCache[key]) { return coinCache[key]; }\n\t\t\tvar url = PROXY_BASE + '\/coins\/' + encodeURIComponent(id)\n\t\t\t\t+ '\/market_chart?vs_currency=usd&days=' + encodeURIComponent(days);\n\t\t\tcoinCache[key] = fetchJson(url).then(function (d) {\n\t\t\t\treturn Array.isArray(d.prices) ? d.prices : [];\n\t\t\t});\n\t\t\treturn coinCache[key];\n\t\t}\n\t\tfunction fmtUsd(value) {\n\t\t\tvar abs = Math.abs(value);\n\t\t\tvar precision = abs >= 0.01 ? 2 : (abs >= 0.0001 ? 6 : 8);\n\t\t\treturn '$' + value.toLocaleString('en-US', { minimumFractionDigits: precision, maximumFractionDigits: precision });\n\t\t}\n\t\tfunction fmtCompactUsd(value) {\n\t\t\tif (value === null || value === undefined || isNaN(value)) { return '\u2014'; }\n\t\t\tvar abs = Math.abs(value);\n\t\t\tif (abs >= 1e12) { return '$' + (value \/ 1e12).toFixed(2) + 'T'; }\n\t\t\tif (abs >= 1e9)  { return '$' + (value \/ 1e9).toFixed(2)  + 'B'; }\n\t\t\tif (abs >= 1e6)  { return '$' + (value \/ 1e6).toFixed(2)  + 'M'; }\n\t\t\tif (abs >= 1e3)  { return '$' + (value \/ 1e3).toFixed(2)  + 'K'; }\n\t\t\treturn fmtUsd(value);\n\t\t}\n\t\tfunction fmtPct(value) {\n\t\t\tif (value === null || value === undefined || isNaN(value)) { return '\u2014'; }\n\t\t\tvar sign = value >= 0 ? '+' : '\u2212';\n\t\t\treturn sign + Math.abs(value).toFixed(2) + '%';\n\t\t}\n\t\tfunction trendOf(value) {\n\t\t\tif (value === null || value === undefined || isNaN(value)) { return null; }\n\t\t\tif (value > 0) { return 'up'; }\n\t\t\tif (value < 0) { return 'down'; }\n\t\t\treturn null;\n\t\t}\n\t\tfunction setCell(root, key, text, trend) {\n\t\t\tvar el = root.querySelector('[data-tm-stats-value=\"' + key + '\"]');\n\t\t\tif (!el) { return; }\n\t\t\tel.textContent = text;\n\t\t\tif (trend === 'up' || trend === 'down') { el.setAttribute('data-trend', trend); }\n\t\t\telse { el.removeAttribute('data-trend'); }\n\t\t}\n\t\tfunction dailyReturns(prices) {\n\t\t\tvar rets = [];\n\t\t\tfor (var i = 1; i < prices.length; i++) {\n\t\t\t\tvar prev = prices[i - 1][1], cur = prices[i][1];\n\t\t\t\tif (prev > 0 && isFinite(prev) && isFinite(cur)) { rets.push(cur \/ prev - 1); }\n\t\t\t}\n\t\t\treturn rets;\n\t\t}\n\t\tfunction mean(arr) {\n\t\t\tif (arr.length === 0) { return 0; }\n\t\t\tvar s = 0; for (var i = 0; i < arr.length; i++) { s += arr[i]; }\n\t\t\treturn s \/ arr.length;\n\t\t}\n\t\tfunction stddev(arr, mu) {\n\t\t\tif (arr.length < 2) { return 0; }\n\t\t\tvar s = 0;\n\t\t\tfor (var i = 0; i < arr.length; i++) { var d = arr[i] - mu; s += d * d; }\n\t\t\treturn Math.sqrt(s \/ (arr.length - 1));\n\t\t}\n\t\tfunction maxDrawdown(prices) {\n\t\t\tif (prices.length < 2) { return { value: 0, duration: 0 }; }\n\t\t\tvar peak = prices[0][1], peakIdx = 0;\n\t\t\tvar maxDd = 0, troughIdx = 0, troughPeakIdx = 0;\n\t\t\tfor (var i = 1; i < prices.length; i++) {\n\t\t\t\tvar p = prices[i][1];\n\t\t\t\tif (p > peak) { peak = p; peakIdx = i; }\n\t\t\t\tif (peak > 0) {\n\t\t\t\t\tvar dd = (p - peak) \/ peak;\n\t\t\t\t\tif (dd < maxDd) { maxDd = dd; troughIdx = i; troughPeakIdx = peakIdx; }\n\t\t\t\t}\n\t\t\t}\n\t\t\tvar duration = 0;\n\t\t\tif (prices[troughIdx] && prices[troughPeakIdx]) {\n\t\t\t\tvar ms = prices[troughIdx][0] - prices[troughPeakIdx][0];\n\t\t\t\tduration = Math.max(0, Math.round(ms \/ 86400000));\n\t\t\t}\n\t\t\treturn { value: maxDd, duration: duration };\n\t\t}\n\t\tfunction quantStats(prices) {\n\t\t\tif (!prices || prices.length < 30) { return null; }\n\t\t\tvar rets = dailyReturns(prices);\n\t\t\tif (rets.length === 0) { return null; }\n\t\t\tvar mu = mean(rets);\n\t\t\tvar sd = stddev(rets, mu);\n\t\t\tvar ann_mu = mu * DAYS_PER_YEAR;\n\t\t\tvar ann_sd = sd * Math.sqrt(DAYS_PER_YEAR);\n\t\t\tvar dd = maxDrawdown(prices);\n\t\t\treturn {\n\t\t\t\tvolatility:      ann_sd,\n\t\t\t\tmaxDrawdown:     dd.value,\n\t\t\t\tmaxDrawdownDays: dd.duration,\n\t\t\t\tsharpe:          ann_sd > 0 ? ann_mu \/ ann_sd : 0\n\t\t\t};\n\t\t}\n\t\tfunction totalReturn(prices) {\n\t\t\tif (!prices || prices.length < 2) { return null; }\n\t\t\tvar first = prices[0][1], last = prices[prices.length - 1][1];\n\t\t\tif (!isFinite(first) || !isFinite(last) || first <= 0) { return null; }\n\t\t\treturn last \/ first - 1;\n\t\t}\n\t\tfunction setRangeCell(root, key, low, current, high) {\n\t\t\tvar el = root.querySelector('[data-tm-stats-value=\"' + key + '\"]');\n\t\t\tif (!el) { return; }\n\t\t\tel.removeAttribute('data-trend');\n\t\t\tif (!isFinite(low) || !isFinite(high) || !isFinite(current) || high <= low) {\n\t\t\t\tel.textContent = '\u2014'; return;\n\t\t\t}\n\t\t\tvar pct = ((current - low) \/ (high - low)) * 100;\n\t\t\tpct = Math.max(0, Math.min(100, pct));\n\t\t\tel.innerHTML = '';\n\t\t\tvar wrap = document.createElement('div'); wrap.className = 'tm-token-stats__range';\n\t\t\tvar track = document.createElement('div'); track.className = 'tm-token-stats__range-track';\n\t\t\tvar dot = document.createElement('div'); dot.className = 'tm-token-stats__range-dot';\n\t\t\tdot.style.left = pct.toFixed(1) + '%';\n\t\t\ttrack.appendChild(dot);\n\t\t\tvar bounds = document.createElement('div'); bounds.className = 'tm-token-stats__range-bounds';\n\t\t\tvar loSpan = document.createElement('span'); loSpan.textContent = fmtUsd(low);\n\t\t\tvar hiSpan = document.createElement('span'); hiSpan.textContent = fmtUsd(high);\n\t\t\tbounds.appendChild(loSpan); bounds.appendChild(hiSpan);\n\t\t\twrap.appendChild(track); wrap.appendChild(bounds); el.appendChild(wrap);\n\t\t}\n\t\tfunction renderOne(root) {\n\t\t\tif (root.dataset.tmStatsReady) { return; }\n\t\t\tvar coinId = root.getAttribute('data-tm-stats-id');\n\t\t\tvar lookback = root.getAttribute('data-tm-stats-lookback') || '365';\n\t\t\tif (!coinId) { return; }\n\t\t\troot.dataset.tmStatsReady = '1';\n\t\t\tPromise.all([\n\t\t\t\tfetchSnapshot(coinId),\n\t\t\t\tfetchSeries(coinId, lookback),\n\t\t\t\tfetchSeries('bitcoin', lookback)\n\t\t\t]).then(function (results) {\n\t\t\t\tvar snap = results[0]; var prices = results[1]; var btcPrices = results[2];\n\t\t\t\tvar md = (snap && snap.market_data) || {};\n\t\t\t\tsetCell(root, 'market-cap', fmtCompactUsd(md.market_cap && md.market_cap.usd));\n\t\t\t\tvar vol = md.total_volume && md.total_volume.usd;\n\t\t\t\tvar mcap = md.market_cap && md.market_cap.usd;\n\t\t\t\tvar turnoverText = '\u2014';\n\t\t\t\tif (vol && mcap && mcap > 0) {\n\t\t\t\t\tturnoverText = fmtCompactUsd(vol) + ' (' + ((vol \/ mcap) * 100).toFixed(2) + '%)';\n\t\t\t\t} else if (vol) { turnoverText = fmtCompactUsd(vol); }\n\t\t\t\tsetCell(root, 'turnover', turnoverText);\n\t\t\t\tif (prices && prices.length > 1) {\n\t\t\t\t\tvar lo = Infinity, hi = -Infinity;\n\t\t\t\t\tfor (var i = 0; i < prices.length; i++) {\n\t\t\t\t\t\tvar p = prices[i][1];\n\t\t\t\t\t\tif (p < lo) { lo = p; } if (p > hi) { hi = p; }\n\t\t\t\t\t}\n\t\t\t\t\tvar cur = (md.current_price && md.current_price.usd) || prices[prices.length - 1][1];\n\t\t\t\t\tsetRangeCell(root, 'range-52w', lo, cur, hi);\n\t\t\t\t}\n\t\t\t\tsetCell(root, 'change-30d', fmtPct(md.price_change_percentage_30d), trendOf(md.price_change_percentage_30d));\n\t\t\t\tsetCell(root, 'change-1y',  fmtPct(md.price_change_percentage_1y),  trendOf(md.price_change_percentage_1y));\n\t\t\t\tvar tokenRet = totalReturn(prices), btcRet = totalReturn(btcPrices);\n\t\t\t\tif (tokenRet !== null && btcRet !== null) {\n\t\t\t\t\tvar vsBtc = (tokenRet - btcRet) * 100;\n\t\t\t\t\tsetCell(root, 'vs-btc', fmtPct(vsBtc), trendOf(vsBtc));\n\t\t\t\t}\n\t\t\t\tvar qs = quantStats(prices);\n\t\t\t\tvar btcQs = quantStats(btcPrices);\n\t\t\t\tif (qs) {\n\t\t\t\t\tsetCell(root, 'volatility', (qs.volatility * 100).toFixed(1) + '%');\n\t\t\t\t\tvar ddText = fmtPct(qs.maxDrawdown * 100);\n\t\t\t\t\tif (qs.maxDrawdownDays > 0) { ddText += ' (' + qs.maxDrawdownDays + 'd)'; }\n\t\t\t\t\tsetCell(root, 'max-drawdown', ddText, 'down');\n\t\t\t\t\tvar sharpeText = qs.sharpe.toFixed(2);\n\t\t\t\t\tif (btcQs && btcQs.sharpe !== 0) { sharpeText += ' \u00b7 BTC ' + btcQs.sharpe.toFixed(2); }\n\t\t\t\t\tsetCell(root, 'sharpe', sharpeText, trendOf(qs.sharpe));\n\t\t\t\t}\n\t\t\t}).catch(function (err) { console.warn('[tm-token-stats] fetch failed for ' + coinId, err); });\n\t\t}\n\t\tfunction renderAll() {\n\t\t\tvar roots = document.querySelectorAll('[data-tm-token-stats]');\n\t\t\troots.forEach(renderOne);\n\t\t}\n\t\tif (document.readyState === 'loading') {\n\t\t\tdocument.addEventListener('DOMContentLoaded', renderAll);\n\t\t} else {\n\t\t\trenderAll();\n\t\t}\n\t})();\n\t<\/script>\n\t\t\n\t\t<aside\n\t\tclass=\"tm-token-card\"\n\t\trole=\"complementary\"\n\t\taria-label=\"Track Bitcoin (BTC) with Token Metrics\"\n\t\tdata-tm-token-card=\"btc\"\n\t>\n\t\t<header class=\"tm-token-card__header\">\n\t\t\t<p class=\"tm-token-card__eyebrow\">Track this token with Token Metrics<\/p>\n\t\t\t<h3 class=\"tm-token-card__title\">\n\t\t\t\t<span class=\"tm-token-card__name\">Bitcoin<\/span>\n\t\t\t\t<span class=\"tm-token-card__ticker\">BTC<\/span>\n\t\t\t<\/h3>\n\t\t<\/header>\n\t\t<ul class=\"tm-token-card__benefits\">\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">7-day free trial of Signal<\/li>\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">Smart-money wallet flows across the top tokens<\/li>\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">Daily technical setup labels \u2014 Bullish to Bearish, both directions<\/li>\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">Polymarket consensus on near-term catalysts<\/li>\n\t\t\t\t\t<\/ul>\n\t\t<div class=\"tm-token-card__footer\">\n\t\t\t<a class=\"tm-token-card__cta\" href=\"https:\/\/tokenmetrics.com\/?utm_source=tm_blog&#038;utm_medium=token_card&#038;utm_campaign=signal_btc#premium\" rel=\"noopener\" target=\"_blank\">See the setup, risk, and invalidation before you act \u2192<\/a>\n\t\t\t<span class=\"tm-token-card__meta\">Signal alerts include the setup, risk, and what would change the trade.<\/span>\n\t\t<\/div>\n\t<\/aside>\n\t\n<h2>Market Context<\/h2>\n<p>This story falls under regulatory scrutiny and enforcement actions against crypto platforms. The U.S. has increasingly targeted crypto exchanges and platforms that allegedly facilitate sanctions evasion, particularly involving Iran. Recent sanctions against Iranian crypto exchanges and the seizure of significant crypto funds demonstrate the government&#8217;s focus on preventing digital assets from bypassing traditional financial restrictions.<\/p>\n<p>The case also highlights the role of blockchain analytics firms like TRM Labs in identifying potentially illicit activity patterns that might not be immediately apparent to exchanges themselves.<\/p>\n<h2>Risks to Watch<\/h2>\n<ul>\n<li>Additional sanctions or enforcement actions against CoinEx if regulators find evidence of willful violations.<\/li>\n<li>Increased scrutiny of other exchanges with significant Iranian user bases.<\/li>\n<li>Potential market impact if major exchanges restrict access for users in sanctioned regions.<\/li>\n<li>Regulatory developments that could affect how exchanges handle geo-fencing and user identification.<\/li>\n<\/ul>\n<h2>What to Watch Next<\/h2>\n<ul>\n<li>Monitor for any official U.S. regulatory actions against CoinEx following these allegations.<\/li>\n<li>Watch for statements from regulators regarding the adequacy of CoinEx&#8217;s compliance measures.<\/li>\n<li>Track any changes in CoinEx&#8217;s trading volumes or user base following the publicity.<\/li>\n<li>Look for additional reports from blockchain analytics firms on crypto flows involving sanctioned entities.<\/li>\n<li>Follow Treasury Department updates on crypto seizures and enforcement actions.<\/li>\n<\/ul>\n<p>This article is for informational purposes only and does not constitute investment advice.<\/p>\n<h2>Sources \/ Data Used<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.trmlabs.com\/resources\/blog\/how-coinex-became-irans-primary-gateway-to-global-cryptocurrency-markets?utm_campaign=Brand-Global_how-coinex-became-irans-primary-gateway-to-global-cryptocurrency-markets_Blog&amp;utm_medium=media-outreach&amp;utm_source=ari-redbord&amp;utm_campaignname=Brand-Global&amp;utm_activity=how-coinex-became-irans-primary-gateway-to-global-cryptocurrency-markets&amp;utm_activitytype=Blog\" target=\"_blank\" rel=\"noopener\">TRM Labs blog post on CoinEx-Iran connections<\/a><\/li>\n<li><a href=\"https:\/\/x.com\/coinexcom\/status\/2070044548542390722?s=20\" target=\"_blank\" rel=\"noopener\">CoinEx response on X<\/a><\/li>\n<li>Token Metrics data for BTC price and technical indicators<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"CoinEx rejected TRM Labs claims that it knowingly facilitated $3.84 billion in transactions with sanctioned Iranian entities over seven 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