CoinEx Warning Review | Is CoinEx a Scam? An In-Depth Look at Hacker Attacks, Lack of Regulation, and Withdrawal Risks

1. Platform Background and Development History

CoinEx (official website: coinex.com ) was founded in 2017 and is headquartered in Hong Kong. Its founder, Yang Haipo, was once a key figure at ViaBTC. CoinEx focuses on low transaction fees and a wide variety of currencies , emphasizing its "globalization strategy." Its external marketing efforts include:

• Global users cover 100+ countries

• Provide spot, contract, financial management, lending and other services

• Have a multilingual customer service team

Despite this, CoinEx's security, compliance, and fund transparency have long been questioned.

2. Company Registration and Compliance Investigation

1. Registration Entity

• CoinEx claims to be registered in Hong Kong, but no relevant licensing information was found in the Hong Kong Companies Registry and the Hong Kong Securities and Futures Commission (SFC) database.

• It is not registered with mainstream regulatory agencies such as FCA, SEC, and MAS.

2. Domain Name and Technology

• The domain name coinex.com was registered in 2017 by an anonymous registrant.

• The servers are distributed in many countries in Asia, making it difficult to confirm the actual operator.

3. Transparency

• The official website does not disclose the physical office address.

• The only contact methods are online customer service and email, which lacks transparency.

III. Regulatory Status and False Advertising

1. No mainstream regulatory filing

• CoinEx is not registered with any regulatory body.

2. False compliance

• The official website advertises “global compliance” but is unable to provide the license number.

3. Lack of fund protection

• No Proof of Reserves.

• There is no investor protection fund.

IV. User Complaints and Cases

1. Major hacker attack

• In September 2023, CoinEx was hacked and suffered losses of over $70 million ( reported by The Block ).

• The platform promised compensation, but it took a long time for users to protect their rights, and their trust in the platform declined.

2. Withdrawals blocked

• On Trustpilot , a large number of users complained about withdrawal delays or refusal to process.

3. Lack of customer service

• Investors on Reddit (see Reddit CryptoScams ) reported that their customer service tickets went unanswered.

5. Third-party media and industry evaluation

• WikiFX : Risk score 1.7/10, marked as “unregulated”.

• Cointelegraph : Reported the hacking incident and pointed out that CoinEx’s security mechanisms were insufficient.

• FX110 : Contains many rights protection cases.

• Community reputation : Users in Telegram and Twitter groups are generally negative.

VI. Analysis of Funding Risks and Models

1. Security vulnerabilities : Large-scale hacker attacks have occurred, resulting in heavy asset losses.

2. Withdrawal risks : It is difficult for users to withdraw funds, and there are concentrated cases of rights protection.

3. Lack of transparency : Lack of disclosure of financial reserves.

7. Industry Comparison

8. BrokerHiveX Risk Dimension Scoring (including reasons)

• Compliance: 1/10 → No regulatory filings.

• Transparency: 2/10 → Lack of transparency between the entity and executives.

• User Experience: 2/10 → Complaints regarding withdrawal failures.

• Fund security: 1/10 → Has been hacked before.

• Public Reputation: 2/10 → Negative reviews from the community and media.

👉Overall Rating: 1.6/10 (Very High Risk)

IX. Rights Protection and Reporting Suggestions

1. Save evidence : deposit, withdrawal, and customer service email records.

2. Reporting channels :

• Hong Kong SFC Complaints Page

• SEC Reporting Portal

• FCA Complaints Platform

3. Public exposure : Speak out on Trustpilot, Reddit, FX110.

10. Conclusion and Investment Warning

CoinEx (coinex.com) is an unregulated, high-risk exchange :

• It has been the victim of a major hacker attack;

• Frequent withdrawal obstacles;

• lack of financial transparency;

• The community has a very bad reputation.

📌Investment Warning :
Investors should stay away from CoinEx to avoid financial losses.