Draft:CEX.io
A company that once had a big influence on Bitcoin
From Wikipedia, the free encyclopedia
CEX.IO is a centralized cryptocurrency exchange founded in 2013.[1] The company provides services for buying, selling, and exchanging digital assets, operating through registered entities in the United States, the United Kingdom, and the European Union. The CEX.IO platform became known for its associated mining pool, GHash.IO, which in 2014 was close to controlling over 50% of the Bitcoin network's computing power.[2] Provide access to more than 140 different cryptocurrencies.[3]
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Submission declined on 21 February 2026 by Mcmatter (talk).
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| Company type | Private company |
|---|---|
| Industry | Cryptocurrency exchange / financial technology |
| Headquarters | London, United Kingdom |
Area served | Worldwide |
| Products | Cryptocurrency exchange services |
| Services | Crypto trading, brokerage services, institutional crypto services |
History
CEX.IO Ltd was incorporated in the United Kingdom on 1 November 2013.[4] Initially, its activities were closely linked to the mining pool GHash.IO, which in 2014 controlled between 40 and 51% of the total computing power of the Bitcoin network. The events surrounding GHash.IO were widely covered in the international media, including The Guardian, Ars Technica and CoinDesk, which reported that the pool, operated by the CEX.IO exchange, temporarily exceeded 51% of the Bitcoin network hashrate.[5][6][7][8]
In January 2015, the company announced that it would suspend its cloud mining services, citing market conditions and reduced profitability. Over the following months, mining activities associated with the platform were gradually wound down, and the GHash.IO pool was later discontinued. As mining was phased out, CEX.IO increasingly concentrated on its exchange platform, expanding trading features and maintaining support for fiat currency transactions. By the second half of the 2010s, exchange services had become the company’s primary area of activity, replacing mining as the central focus of its operations.[9]
In December 2017, CEX.IO temporarily suspended new user registrations following a surge in sign-ups that placed pressure on its account verification and onboarding systems.[10]
In August 2019, CEX.IO reported that it had begun expanding its operations in the United States. At the time, the company stated that its services would be made available to users in a large number of U.S. states. It also indicated that its activities in the country were being organized in accordance with applicable local regulatory requirements.[11][12]
In 2021 CEX.IO has expanded its services into the fintech and payments sector through a partnership with Fidelity National Information Services (FIS), aimed at enabling cryptocurrency-based payment solutions, including card-based transactions in Europe and the United Kingdom.[13]
In October 2023, CEX.IO suspended its operations in the United Kingdom after new regulatory rules were introduced by the Financial Conduct Authority (FCA). The suspension lasted for several months. In September 2024, the company resumed providing services to UK users. The relaunch followed a period of internal adjustments to the platform and operational setup, including changes intended to meet FCA requirements and the use of authorized partners where necessary.[14][15][16][17]
In 2024, CEX.IO resumed providing services to users in the United Kingdom. This took place under the Financial Conduct Authority (FCA) financial promotions regime and involved cooperation with an authorised partner, Gateway 21. The arrangement allowed the company to restore access to parts of its platform for UK-based users.[18][19][20]
The GHash.io (CEX.IO) 51% Hashrate Controversy (2014)
In June 2014, the Bitcoin mining pool GHash.io, operated by CEX.IO, temporarily exceeded 50% of the total Bitcoin network hashrate.[21] That figure is widely treated as a critical threshold because majority computational control makes a so-called “51% attack” theoretically possible.[22] In such a situation, the controlling entity could influence block selection, reorganize recent blocks, and attempt double spending by extending a competing chain.[23]
Multiple international outlets reported on the development, including Bloomberg, The Wall Street Journal, and The Guardian.[21] None of the reports documented a confirmed attack or verified transaction manipulation by the pool.[23] The concern centered on the scale of concentration rather than on demonstrated abuse.[24]
Public reaction followed quickly. Some miners began redirecting their hash power away from GHash.io.[25] In July 2014, GHash.io and its parent company CEX.IO announced that the pool would voluntarily limit its share of the total Bitcoin hashrate to roughly 40%.[24] The Bitcoin protocol itself imposed no such restriction.[26] The decision was presented as a voluntary measure intended to reduce tension around the issue.[27]
During the same period, Bitcoin’s market price declined. PCWorld reported that the price dropped from approximately $653 to about $600 during the week of heightened concern. Commentators associated the decline with fears of mining centralization.[28] A Bloomberg View column addressed the episode from a different angle. The author argued that the situation highlighted reliance on voluntary conduct by large participants.[26] The resolution depended on miners leaving the CEX.IO-operated pool and on the company’s decision to limit its share.[25]
Reports from CCN mentioned that GHash.io experienced technical disruptions, including possible DDoS-related interruptions, during the period of controversy. The articles did not establish a confirmed causal connection between those disruptions and the hashrate debate.[29]
By mid-2015, the distribution of mining power had changed. Business Insider published a ranking of mining pools showing that no single pool held a majority comparable to GHash.io June 2014 peak. GHash.io share had fallen below 2% of the network.[30]
In subsequent reports, CCN noted that CEX.IO scaled back and eventually discontinued the GHash.io mining pool and eventually discontinued its mining operations. The associated company, CEX.io, continued to operate as a cryptocurrency exchange after reducing its involvement in mining.[31]
Security incidents
The company has not experienced any major hacks or user losses, but in 2014, the GHash.IO incident sparked a global debate about the centralization of mining. The exchange officially called on the community to decentralize power, acknowledging the risks to the Bitcoin ecosystem.[32]
Controversies
CEX.IO has faced several controversies over the years. In February 2023, the US Federal Deposit Insurance Corporation (FDIC) issued a notice to CEX.IO Corp demanding the company stop claiming that user funds were FDIC insured, labeling such claims as false or misleading. In October 2025, the Financial Intelligence Unit of India (FIU) included CEX.IO in a list of 25 foreign crypto platforms undergoing anti-money laundering compliance checks. The company responded by stating it was reviewing the situation and preparing to engage with regulators to ensure compliance and maintain service availability in India.[33][34]
In October 2025, the Financial Intelligence Unit of India (FIU) included CEX.IO in the list of 25 foreign crypto platforms for which an anti-money laundering compliance check was initiated(AML).[35]
Beyond regulatory scrutiny, user experiences shared on public forums such as Reddit reveal a mixed picture. Some users report difficulties with account verification, withdrawal delays, and unexpected fees, including security-related charges. Others have expressed frustration over customer support responsiveness and account freezes. Despite these issues, some users acknowledge the platform’s ease of use and broad cryptocurrency selection. These varied experiences highlight ongoing challenges faced by CEX.IO in balancing regulatory compliance and customer satisfaction.[36]
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