CoinEx
TypePrivate
IndustryCryptocurrency
FoundedDecember 2017; 8 years ago (2017-12) in Hong Kong
FounderYang Haipo
Headquarters
Hong Kong
Websitewww.coinex.com

CoinEx was a cryptocurrency exchange based in Hong Kong. Before shutting down its operations in 2026, it operated in Iran and facilitated transfers of more than US$3.8 billion in cryptocurrency linked to Iranian entities.[1]

History

CoinEx was founded in Hong Kong in December 2017 by Yang Haipo, a former Tencent engineer who had also founded the bitcoin mining pool ViaBTC.[2][3]

In February 2023, the New York Attorney General sued CoinEx for failing to register with the state, and in June 2023 the exchange agreed to pay US$1.8 million and to be banned from operating in New York.[4][5] In September 2023, hackers stole about US$70 million from CoinEx's hot wallets.[6] The blockchain analytics firms Elliptic and Chainalysis linked the theft to North Korea, with Elliptic attributing it to the Lazarus Group.[6][7]

In September 2026, CoinEx announced that it would cease operations on September 29 and that withdrawals would remain available until December 22, 2026. It also announced to buy back its CET tokens at 0.005 USDT each.[3]

Iran

In early June 2026, the US Treasury's Office of Foreign Assets Control sanctioned four Iranian cryptocurrency exchanges, including Nobitex, the country's largest.[8] It operated in Iran between 2019 and 2026 and facilitated transfers of more than US$3.8 billion in cryptocurrency linked to Iranian entities, about US$2.7 billion of which was connected to Nobitex. It was also alleged that part of the proceeds of the US$1.5 billion hack of Bybit had been moved to CoinEx through Iranian wallets.[2][9]

Philippines

In August 2025, the telecommunications company PLDT blocked access to CoinEx on the orders of the National Telecommunications Commission, after the Securities and Exchange Commission deemed the platforms illegal for lack of registration.[10]

South Korea

In March 2025, at the request of South Korea's Financial Intelligence Unit, Google blocked domestic access to the Google Play app of CoinEx, that was being used to serve South Korean users without license.[11]

Thailand

In 2025, Securities and Exchange Commission of Thailand announced that CoinEx and four other unlicensed platforms would become inaccessible to users in Thailand from June 28, 2025.[12]

United States

In February 2023, New York Attorney General Letitia James sued CoinEx, alleging that it had violated the Martin Act by failing to register with the state before buying and selling tokens such as AMP, LBRY, LUNA and Rally. In June 2023, CoinEx agreed, without admitting wrongdoing, to pay US$1.8 million, including US$1.17 million in refunds to 4,691 investors and a US$626,000 fine, and to be barred from doing business in New York or making its platform available there.[4][5]

References

  1. ^ Tokar, Dylan (September 15, 2026). "Crypto Exchange That Was Hub for Illicit Iran Cash Closes Suddenly" – via WSJ.
  2. ^ a b Tokar, Dylan; Briskin, Will; Santilli, Peter (June 25, 2026). "How a Crypto Exchange Became a Major Hub for Illicit Iranian Cash" – via WSJ.
  3. ^ a b 黃捷 (September 15, 2026). "在港創立加密貨幣交易平台CoinEx停止營運 公司歸咎三大原因" [Hong Kong-founded cryptocurrency trading platform CoinEx ceases operations, company blames three main reasons]. HK01.
  4. ^ a b Vanderford, Richard (2023-06-15). "CoinEx to Wind Down U.S. Operations After Settling New York Lawsuit". The Wall Street Journal. Retrieved 6 November 2025.
  5. ^ a b Stempel, Jonathan (June 15, 2023). "CoinEx accepts New York ban, to pay $1.8 mln to resolve attorney general lawsuit". Reuters. Retrieved 6 November 2025.
  6. ^ a b Howcroft, Elizabeth; Satter, Raphael (2023-09-15). "Blockchain analysts suspect N. Korea-linked hackers behind $70 mln crypto theft". Reuters. Retrieved 28 October 2025.
  7. ^ Raj, Gaurav; Unhelker, Bhuvan; Choudhary, Ankur, eds. (2025). Advances in Artificial Intelligence and Machine Learning: Select Proceedings of ICAAAIML 2023, Volume 1. Springer Nature. ISBN 9789819795079.
  8. ^ Mirmohammadsadeghi, Farhad (June 3, 2026). "تحریم بزرگترین صرافی رمزارز ایران؛ نوبیتکس و برادران خرازی چگونه گرفتار «خشم اقتصادی» آمریکا شدند؟" [Sanctions on Iran's largest crypto exchange: how Nobitex and the Kharazi brothers were caught up in America's "economic fury"]. Euronews (in Persian).
  9. ^ Golmakani, Sepehr (June 25, 2026). "صرافی کوینکس در پی فشارهای نظارتی، خدمات به کاربران ایرانی را متوقف کرد" [CoinEx halts services to Iranian users following regulatory pressure]. Sakhtafzar (in Persian).
  10. ^ Rosales, Elijah Felice (August 12, 2025). "PLDT blocks access to illegal crypto sites". The Philippine Star.
  11. ^ Ju, Dong-il (March 28, 2025). ""이런 가상자산거래소 조심하세요"…금융당국이 차단한 미신고 거래소들" ["Beware of these crypto exchanges": the unregistered exchanges blocked by financial authorities]. Newsis (in Korean).
  12. ^ Williams, Callum (June 3, 2025). "Thailand bans five crypto firms after operating without licenses".