CoinEx is preparing to shut down its platform after nearly nine years as the weakness across the crypto market has made operations increasingly difficult.<\/p>\n
The exchange said the broader industry has seen a significant contraction in trading volume and liquidity.\u00a0It also cited rising regulatory requirements across major jurisdictions alongside higher compliance costs and operational uncertainties that it considers beyond reasonable boundaries.<\/p>\n
The wind-down process begins<\/a> on September 15, 2026, and will follow a gradual schedule. Users can still withdraw funds from the platform until December 22, 2026. CoinEx\u2019s decision also highlights the pressure facing established exchanges as the crypto industry moves through further maturity and consolidation.<\/p>\n BitMart and BitMEX also announced<\/a> closures in July after operating since 2017 and 2014, respectively.\u00a0 The pressure was spread across more corners of the crypto industry this year. DEX aggregator Odos wound down operations on July 30. Dango stopped running its L1 blockchain on August 13. Storj Labs filed for Chapter 11 bankruptcy protection.<\/p>\n Long before announcing its shutdown, CoinEx had faced its share of problems. Earlier this year, TRM Labs found<\/a> over $3.84 billion in blockchain transactions between the exchange and sanctioned Iranian entities over more than seven years. TRM said CoinEx was the largest external counterparty of Nobitex.<\/p>\n More than $2.7 billion reportedly moved between the two platforms since late 2018. The report also linked it to over 60 Iranian crypto businesses. TRM further identified around $67 million from Iran\u2019s central bank that reached CoinEx through a complex laundering structure between June 2025 and June 2026. Its founder, Haipo Yang, acknowledged<\/a> that Iranian customers widely used the exchange but denied any relationship with the country\u2019s government.<\/p>\n CoinEx also rejected claims that it knowingly helped sanctions evasion. While pushing back on the report\u2019s findings, the exchange said Iran blacklisted it in 2021 and that it had never maintained an office there. It even questioned TRM\u2019s volume calculations. Its troubles were not limited to regulatory scrutiny.<\/p>\n Back in 2024, the exchange suffered<\/a> a $70 million hack after its hot wallet keys were compromised. The Lazarus Group was later reported<\/a> as responsible.\u00a0In 2023, it agreed<\/a> to pay more than $1.7 million after a New York lawsuit.<\/p>\n The post CoinEx Calls Time After Nearly Nine Years as Crypto Market Pressure Mounts<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" CoinEx is preparing to shut down its platform after nearly nine years as the weakness across the crypto market has made operations increasingly difficult. The exchange said the broader industry has seen a significant contraction in trading volume and liquidity.\u00a0It also cited rising regulatory requirements across major jurisdictions alongside higher compliance costs and operational uncertainties […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-227973","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/227973"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=227973"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/227973\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=227973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=227973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=227973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Previous Setbacks<\/h2>\n