CoinEx is getting ready to close its doors for good after nearly 9 years because the crypto market has turned into a total nightmare making operations way too hard rn 🖤🌑.
The exchange pointed out how the whole scene saw major drops in trading volume and liquidity lately fr.
It also mentioned sky high regulatory demands in big areas plus extra compliance costs and crazy uncertainties that just went beyond what anyone could handle ✨.
Market Mayhem Taking Over 📉
The slow wind down kicks off on September 15, 2026 and rolls out gradual style with users still able to pull funds until December 22, 2026.
CoinExs move shows the heat hammering established exchanges while crypto keeps maturing and consolidating into something tighter 👻.
BitMart and BitMEX also decided to pack it in during July after running since 2017 and 2014.
Pressure hit even harder across more parts of the space this year like DEX aggregator Odos shutting on July 30 and Dango stopping its L1 on August 13 while Storj Labs filed for Chapter 11.
Past Drama Still Lingering ☠️
Way before the shutdown news CoinEx dealt with serious issues already including TRM Labs uncovering over 3.84 billion in blockchain flows tied to sanctioned Iranian players across more than 7 years.
TRM called it the biggest external link to Nobitex with over 2.7 billion moving since late 2018 and connections to 60 plus Iranian crypto spots 💀.
Around 67 million from Irans central bank reached CoinEx via wild laundering setups between June 2025 and June 2026 but the founder denied any government ties while admitting Iranians used it a lot 🦇.
CoinEx pushed back on any knowing sanctions help and noted it got blacklisted by Iran back in 2021 plus no office there ever.
Troubles didnt stop at regs tho since a 70 million hack hit its hot wallet in 2024 with the Lazarus Group blamed later.
It even paid over 1.7 million to settle a New York lawsuit in 2023 🔪.
Just another echo from the void by iconofsin.eth 💖
