Crypto exchange CoinEx says it is closing, citing a lengthy downturn and rising compliance costs; a report said it moved $3B+ for Iran-linked wallets since 2019 (Dylan Tokar/Wall Street Journal)

CoinEx announced it will shut down operations, blaming a prolonged market downturn and increasing regulatory compliance costs. The exchange cited a loss of liquidity and rising fees as key factors driving the decision. A separate investigation revealed that CoinEx moved over $3 billion to wallets linked to Iran since 2019.