CoinEx said it was ceasing operations less than three months after a Wall Street Journal article spotlighted its use in Iran.

The crypto exchange, which had become a hub for illicit Iranian cash, announced its sudden closure. The move follows increased scrutiny after the Journal's report detailed how the platform facilitated sanctions evasion.

The closure highlights growing pressure on digital asset platforms linked to sanctioned entities. CoinEx's shutdown marks a significant development in efforts to curb illicit finance in crypto.