Simex was never just another crypto exchange. It was built for a very specific group of traders: wealthy investors from Russia, China, and India who needed a U.S.-registered platform but couldn’t use American exchanges like Coinbase or Kraken. If you’re looking at Simex today, you’re probably wondering if it’s still active, safe, or worth your time. The short answer: Simex is no longer operational in any meaningful way. But understanding why it existed-and why it faded-gives you real insight into how crypto exchanges rise and fall.
Who Simex Was Built For
Simex launched in July 2015 with a clear mission: serve investors from countries where crypto was legally gray or outright banned. While most exchanges tried to be global, Simex made a bold choice-they banned U.S. users entirely. That sounds backwards, but it wasn’t. They wanted to avoid U.S. regulations while still claiming U.S. legal registration. It was a tightrope walk, and for a while, it worked. They focused on high-net-worth individuals-what traders call “whales”-who needed to move large sums of money quickly and securely. Russian users especially relied on Simex because it was one of the few platforms that accepted RUB deposits via bank transfer and Webmoney. One Reddit user from Moscow reported withdrawing RUB to Sberbank in just 12 hours, faster than LocalBitcoins ever managed.What You Could Trade on Simex
Simex supported Bitcoin, Ethereum, and a handful of ERC-20 tokens like OmiseGo, EOS, Augur, and Revain. That’s not a lot by today’s standards, but back in 2018, it was enough for serious traders. The platform didn’t offer leveraged trading, futures, or margin-no BitMEX-style bets. If you wanted to speculate with 10x leverage, you went elsewhere. Simex was for those who wanted to buy, hold, and move assets with low fees and solid security. Trading fees were flat at 0.2% for both makers and takers. That was below the industry average of 0.1%-0.5% at the time. Withdrawal fees were also low, especially for RUB and USD transfers. But here’s the catch: you could only deposit or withdraw in USD or RUB. No EUR, no JPY, no INR. That locked out huge markets.Security: Above Average for Its Time
Simex’s security setup was one of its strongest selling points. They used blockchain-based private key encryption, stored 95% of assets in cold wallets, and required two-factor authentication for every login. Wikibit’s 2018 review called it “above average for 2018-2019 exchanges.” That’s not a glowing endorsement by today’s standards, but back then, many exchanges still kept hot wallets with millions in crypto exposed. But there was a downside. Simex stored private keys in a mix of online and offline systems. If you needed to pull funds from cold storage, you could face a 48-hour delay. That’s not a bug-it was a feature designed to prevent theft. But if you needed quick access during a market crash, you were out of luck.
The Regulatory Tightrope
Simex claimed to be registered with the SEC through Prime Trust, a U.S. compliance provider. But here’s where things got messy. David Gerard, a well-known blockchain critic, pointed out that Simex’s claim was technically true-but misleading. Just because Prime Trust followed the rules didn’t mean Simex itself was a regulated financial institution. In fact, their User Agreement clearly stated: “We are not a regulated financial services provider.” That’s a massive red flag. If you’re trading on a platform that says it’s not regulated, you have zero legal recourse if something goes wrong. No FDIC insurance. No SIPC protection. Just a website and a promise. Simex also offered crowdfunding services for startups, letting them issue STO tokens (security token offerings). That’s a legal minefield. In 2020, the SEC cracked down hard on unregistered securities offerings. Simex had no clear path to compliance. By 2021, that model was dead.Why Simex Died
By 2020, Simex had vanished from CoinMarketCap’s top 20 list. Its daily volume had dropped below $5 million-well under the $1 million minimum to stay listed. Why? First, the markets changed. Russia cracked down on crypto in 2020. China banned all exchanges in 2021. India’s regulatory chaos made it harder for users to deposit funds. Simex’s entire customer base was being squeezed out by governments. Second, competitors got smarter. Binance expanded into fiat on-ramps for dozens of currencies. Kraken added local bank transfers in Europe and Asia. Simex stuck with USD and RUB-and lost relevance. Third, customer support was terrible. Users on BitcoinTalk reported waiting 72 hours for replies. KYC verification took up to 14 days for Russian users. That’s not acceptable for a platform handling large sums of money. The final nail? No updates. Simex’s User Agreement hadn’t been revised since 2019. Their website stopped posting news. Their forum (simexforum.ru) went quiet. By 2022, even their Telegram groups had stopped discussing trading.What Users Said
Reviews were mixed, but mostly positive during its peak. Revain gave it a 4.2/5 based on 37 reviews, praising security and low fees. But those reviews stopped coming after 2019. Trustpilot had complaints about slow verifications. Reddit users loved the Russian interface. But no one was talking about Simex after 2020. One user summed it up: “It worked great until the world moved on.”
Is Simex Still Active in 2026?
No. There’s no official shutdown notice. No press release. But there’s also no trading volume, no customer support, no new features, and no updates to their website. The domain still exists, but it’s a ghost site. If you try to log in today, you’ll likely get an error-or worse, a phishing page pretending to be Simex. Don’t trust any site claiming to be “Simex Crypto Exchange” today. It’s either a scam or a relic.What You Can Learn From Simex
Simex’s story isn’t about a failed exchange. It’s about a failed strategy. They built a platform for a market that didn’t last. They relied on regulatory gray zones instead of building real compliance. They ignored global trends and focused on a shrinking user base. If you’re choosing a crypto exchange today, ask yourself: Does this platform adapt? Does it support multiple currencies? Is it transparent about regulation? Does it have active support and regular updates? Simex had great security and low fees. But it didn’t evolve. And in crypto, standing still means falling behind.Alternatives to Simex (2026)
If you’re looking for what Simex once offered-secure, low-fee trading with fiat support-here are better options today:- Bybit: Supports USD, EUR, and RUB. Low fees. Strong security. Active support.
- Kraken: Fully regulated in the U.S. and EU. Supports 30+ fiat currencies. Reliable withdrawals.
- Binance: Largest exchange by volume. Supports local bank transfers in over 100 countries.
- Bitget: Good for RUB and INR users. Low fees. Fast KYC.
Is Simex crypto exchange still operational in 2026?
No, Simex is no longer operational. It was removed from CoinMarketCap in 2020 after trading volume fell below $5 million daily. The website no longer accepts deposits, has no customer support, and hasn’t been updated since 2019. Any site claiming to be Simex today is likely a scam.
Did Simex allow U.S. users to trade?
No, Simex explicitly banned U.S. users, despite being U.S.-registered. This was part of their strategy to comply with U.S. laws while serving international clients. Some third-party review sites incorrectly claimed U.S. access, but Simex’s own User Agreement and independent reviews confirm the ban.
What cryptocurrencies did Simex support?
Simex supported Bitcoin (BTC), Ethereum (ETH), and a few ERC-20 tokens including OmiseGo (OMG), EOS, Augur (REP), and Revain (REV). It did not support altcoins like Solana, Cardano, or Polkadot, which emerged after 2019. The selection was limited compared to modern exchanges.
Could you deposit fiat currency on Simex?
Yes, but only in USD and RUB. Simex accepted deposits via bank wire, Visa/MasterCard, Webmoney, and Yandex.Money. It did not support EUR, JPY, INR, or any other currency, which limited its global appeal. Withdrawals were fast for RUB users but could take days for USD transfers.
Was Simex secure?
Yes, for its time. Simex used cold storage for most assets, blockchain-based encryption for private keys, and required two-factor authentication. Security was rated above average in 2018-2019. But the lack of regulatory oversight meant users had no legal protection if funds were lost. Today, exchanges like Kraken and Coinbase offer far stronger protections.
Why did Simex fail when other exchanges succeeded?
Simex failed because it bet on a disappearing market. It relied on users from Russia, China, and India-countries that later banned or restricted crypto. It didn’t expand fiat support, ignored API access for developers, and never updated its platform. Competitors like Binance and Kraken adapted quickly. Simex didn’t. When the regulatory environment shifted, it had no backup plan.
Jessica Boling
January 23, 2026 AT 23:06And now it's just a digital ghost town with a .ru forum that still loads in 2026
Classic case of building a luxury yacht for a lake that dried up
MOHAN KUMAR
January 25, 2026 AT 04:43Jennifer Duke
January 25, 2026 AT 11:51And now we have to clean up the mess of people still searching for 'Simex' on Google. It's embarrassing.
Abdulahi Oluwasegun Fagbayi
January 25, 2026 AT 12:04Simex didn't fail because of technology. It failed because it misunderstood the nature of power.
Andy Marsland
January 25, 2026 AT 12:08Anna Topping
January 25, 2026 AT 15:37Jeffrey Dufoe
January 26, 2026 AT 20:43