Coinex Shuts Down After Nine Years Amid Crypto Market Struggles

WHO:

Techmeme - CoinEx, a crypto exchange, is involved in the closure.

Cointelegraph - CoinEx has been operational for nine years.

WHAT:

Techmeme - CoinEx is ceasing operations.

Cointelegraph - CoinEx cited a significant contraction in the crypto market as a reason for its closure.

Cointelegraph - CoinEx reported that withdrawals will remain open until December 22.

WHERE:

Techmeme - CoinEx has been linked to Iran, with reports indicating it moved over $3 billion for Iran-linked wallets since 2019.

WHEN:

Cointelegraph - CoinEx will allow withdrawals until December 22.

WHY:

Techmeme - CoinEx cited a lengthy downturn in the crypto market and rising compliance costs as reasons for its closure.

Cointelegraph - CoinEx mentioned that falling trading volumes and liquidity, along with rising regulatory and compliance costs, exceeded “reasonable boundaries.”

HOW:

Techmeme - CoinEx's decision to close operations follows a report by the Wall Street Journal that spotlighted its use in Iran.

(UPDATED September 16, 2026 02:02 UTC)

CoinEx, a crypto exchange that has been operational for nine years, is ceasing its operations due to a significant contraction in the crypto market and rising compliance costs. The exchange has been linked to Iran, reportedly moving over $3 billion for Iran-linked wallets since 2019, and will allow users to withdraw funds until December 22. This decision follows a Wall Street Journal report that highlighted CoinEx's activities, which have been impacted by falling trading volumes and liquidity that exceeded reasonable boundaries.