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.

TRM Labs identified CoinEx exposure to several terrorist-linked entities, such as $6 million in…