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CoinEx is a global cryptocurrency exchange founded in 2017 by blockchain mining pool ViaBTC. It lists cryptocurrencies for trading and issues the CoinEx Token (CET), used on the platform for fee discounts, staking, and governance.

History

CoinEx launched in 2017 as part of the ViaBTC Group, which was among early blockchain companies to publish proof-of-reserves.

Following China’s 2021 ban on cryptocurrency activities, CoinEx withdrew from the mainland market.

Products and services

In July 2025, it introduced CoinEx Vault, a self-custodial cold wallet for individuals and institutions, audited by firms including SlowMist.[1]

CET is used on the platform for trading fee reductions and governance, and follows a deflationary token burn model.

Sponsorships and events

In February 2025, CoinEx participated in “Pasigarbo 2025” at Holy Name University in the Philippines. In March 2025, it sponsored the National Chess Federation of the Philippines Championships and partnered with Anichess.[2]

Lawsuit

In February 2023, the New York Attorney General Letitia James filed a lawsuit against CoinEx regarding registration requirements under the Martin Act, involving compliance considerations related to certain platform operations and token classifications.[citation needed] In June 2023, CoinEx reached a settlement with the State of New York and subsequently exited the U.S. market in accordance with the agreement.[3][4]

2023 security breach

On September 12，2023, CoinEx disclosed a security incident involving its hot wallets，affecting approximately US$70 million in crypto assets.[5] Third-party firms suggested a possible link to the Lazarus Group.[6] Following the incident, CoinEx promptly activated its emergency response mechanisms and committed to fully compensating affected users. The platform subsequently completed asset reimbursement and system restoration, with services returning to normal within approximately 10 days. CoinEx confirmed that all affected users were compensated in full, and no user funds were permanently lost.[5][6]

References

  1. ^ “Stronger Security, Smarter Custody: CoinEx Launches CoinEx Vault”. The Laotian Times. 18 July 2025. Retrieved 5 November 2025.
  2. ^ “CoinEx Sponsors National Chess Championships in the Philippines”. The Laotian Times. 6 March 2025. Retrieved 2 November 2025.
  3. ^ 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.
  4. ^ Stempel, Jonathan (15 June 2023). “CoinEx accepts New York ban, to pay $1.8 mln to resolve attorney general lawsuit”. Reuters. Retrieved 6 November 2025.
  5. ^ 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.
  6. ^ a b Lakshmanan, Ravie (2023-09-17). “North Korea’s Lazarus Group Suspected in $240 Million Crypto Heist Spree”. The Hacker News. Retrieved 13 August 2025.