CoinEx has publicly denied allegations that it served as a conduit for approximately $3.84 billion flowing to sanctioned Iranian cryptocurrency firms, following what appear to be investigative or enforcement-related claims. The exchange disputed the characterization of its compliance posture, but the scale of the alleged flows would represent a significant sanctions evasion channel if substantiated.
For Armada's crypto repo desk, the case highlights the sanctions risk embedded in crypto collateral sourced through or associated with non-compliant exchanges. Armada's no-rehypothecation policy limits secondary exposure, but the initial counterparty and collateral provenance screening process via Fireblocks must include exchange-of-origin checks to avoid inadvertent OFAC liability.