Coinex

Security and transparency are two key factors for building trust in cryptocurrency exchanges. CoinEx has had a contradictory performance in these two areas; on one hand, it faced a major security breach, and on the other, it has been a pioneer in transparency and providing Proof of Reserves.
CoinEx's reaction to this crisis was quick and decisive. They immediately halted withdrawals and deposits and transferred the remaining assets to secure wallets. The exchange's most significant measure was the commitment to 100% compensation for all affected users. CoinEx announced that this amount represented a small fraction of their total assets and that compensation would be covered by the "CoinEx User Security Fund," demonstrating CoinEx's financial ability to withstand major shocks.
Overall, the recent CoinEx hack highlighted a security vulnerability, but its swift and successful response in compensating for losses proved the exchange's financial strength and crisis management capabilities.

 Proof of Reserves (Proof of Reserves)

 Since 2022, CoinEx has implemented a Proof of Reserves system using the "Merkle Tree" cryptographic method. This system allows each user to independently verify that their account balance is included in the exchange's total assets, without compromising the privacy of others. CoinEx regularly publishes reports showing a reserve ratio of over 100% for major assets.

 However, it should be noted that the Proof of Reserves is only a snapshot of the exchange's assets and does not cover all liabilities or off-balance-sheet risks. In other words, this certificate does not fully guarantee the exchange's solvency. 
Overall, the recent CoinEx hack highlighted a security vulnerability, but its swift and successful response in compensating for losses proved the exchange's financial strength and crisis management capabilities.

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No, the CoinEx exchange has not officially sanctioned Iranian users and continues to provide services. However, practical limitations exist, such as website filtering, the lack of support for Iranian Rial deposits/withdrawals, and the potential risk of account freezing due to international sanctions. KYC is not mandatory, but it is recommended for higher withdrawals (over 10,000 USDT daily), and accessing the site with an Iranian IP often requires a VPN.

• No Official Sanctions: Iran is not on the list of prohibited countries, and Iranian users can operate without KYC.

• Website Filtering: The coinex.com site is filtered; a VPN or the coinex.land address is required.

• No Rial Deposits/Withdrawals: Only cryptocurrencies (USDT-TRC20, etc.) are supported.

• Withdrawal Limits without KYC: Up to 10,000 USDT daily; up to $1 million with KYC.

• Risk of Future Sanctions: Accounts may be blocked under pressure from international regulations (similar to Binance).

• Access with Iranian IP: Sometimes possible, but often blocked or unstable.

• Optional KYC: Without it, features are more limited (e.g., loans, full margin trading).

• Security Risks: Using a VPN carries the risk of IP leaks; using a personal wallet is recommended.

• Persian Support: Available, but 24/7 support is limited.

• History of Account Blocking: There have been reports of Iranian accounts being frozen, although not as an official policy.