Chatex Crypto Exchange Review: Why It Was Shut Down by U.S. Authorities
Feb, 6 2026
Chatex was once one of the biggest Telegram-based crypto exchanges-until the U.S. government shut it down for laundering ransomware money. This review explains exactly what happened during the Chatex shutdown.
What was Chatex?
Chatex was a Russia-based peer-to-peer (P2P) cryptocurrency exchange that operated entirely within Telegram. Founded around September 2018 by Egor Petukhovsky, it claimed to be "the largest such service in the world" with over 366,000 users. Users could buy, sell, and transfer cryptocurrencies like Bitcoin, Ethereum, and USDT directly through Telegram chats. The platform marketed itself as "the simplest p2p neobank over Telegram," promising easy access to crypto for people in regions with limited banking access. It positioned itself as a tool for financial inclusion, especially in countries where traditional banks were unreliable or unavailable.
How Chatex operated
Chatex didn’t hold user funds directly. Instead, it acted as a "nested exchange," using infrastructure from larger exchanges like SUEX to process transactions. This meant Chatex didn’t have its own custody system. When users sent Bitcoin to Chatex, the funds were routed through SUEX’s infrastructure before being delivered to the recipient. Transactions were supposed to complete in 1-3 minutes, and users could secure their accounts with a PIN after verification. However, this setup made it difficult to track the true source of funds, creating a loophole for illegal activity.
Why Chatex was sanctioned
On November 23, 2021, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) added Chatex to its Specially Designated Nationals list. The reason? Chainalysis and Treasury analysis showed Chatex processed over $77.5 million in Bitcoin since 2018, with more than $17 million (22%) coming from illicit sources. This included darknet markets like Hydra Marketplace, ransomware payments, and scam operations. Treasury officials stated "over half of Chatex’s transactions can be directly traced to illicit or high-risk activities." Deputy Treasury Secretary Wally Adeyemo called Chatex a "critical enabler of ransomware" and part of a broader effort to target non-compliant crypto services. Three companies-Izibits OU, Chatextech SIA, and Hightrade Finance Ltd-were also sanctioned for helping build Chatex’s infrastructure.
| Entity | Role | Sanction Date |
|---|---|---|
| Chatex | Telegram-based P2P exchange | November 23, 2021 |
| Izibits OU | Infrastructure provider | November 23, 2021 |
| Chatextech SIA | Infrastructure provider | November 23, 2021 |
| Hightrade Finance Ltd | Infrastructure provider | November 23, 2021 |
| SUEX | Nested exchange partner | September 2021 |
Impact of the sanctions
The sanctions immediately froze all Chatex assets under U.S. jurisdiction and blocked Americans from using the service. Since then, Chatex has been completely non-operational. Blockchain analysis firm Merkle Science confirmed the platform’s 38 sanctioned Bitcoin addresses received over $48 million before the shutdown. Treasury officials emphasized this was "just the beginning" of targeting crypto services that facilitate ransomware. Experts warn that nested exchanges like Chatex create hidden pathways for criminals to move money anonymously. Today, no legitimate users can access Chatex, and any website claiming to offer its services is likely a scam.
Lessons for crypto users
Chatex’s shutdown shows why regulation matters in crypto. Unregulated exchanges often lack proper anti-money laundering checks, making them magnets for criminals. Always choose exchanges with clear compliance records and transparent ownership. If a service operates only through messaging apps like Telegram, it’s a major red flag. The U.S. Treasury’s actions prove regulators are actively tracking these platforms. For users in regions with weak banking systems, stick to licensed exchanges that follow global standards. Your safety depends on it.
Is Chatex still operational today?
No. Chatex was sanctioned by the U.S. Treasury on November 23, 2021, and all its assets were frozen. Any website or service claiming to be Chatex today is a scam. The platform’s infrastructure was shut down, and its operators are blocked from U.S. jurisdiction.
Why did the U.S. government shut down Chatex?
The U.S. Treasury sanctioned Chatex because it facilitated over $77.5 million in Bitcoin transactions linked to illegal activity. More than $17 million came from darknet markets, ransomware attacks, and scams. Treasury officials called Chatex a "critical enabler of ransomware," stating it helped criminals launder money and cash out illicit gains. The sanctions were part of a broader effort to crack down on crypto services that ignore anti-money laundering rules.
What happened to users’ funds after the sanctions?
All Chatex assets under U.S. jurisdiction were frozen immediately. Users couldn’t access their funds, and there was no process to recover money. Since Chatex didn’t directly custody assets (it used SUEX’s infrastructure), funds were likely scattered across other exchanges. There’s no evidence any user recovered their holdings after the shutdown.
How did Chatex facilitate ransomware payments?
Chatex acted as a middleman between ransomware gangs and cryptocurrency markets. Criminals would send ransom payments in Bitcoin to Chatex, which then processed the transaction through SUEX’s infrastructure. This obscured the original source of funds, making it harder for authorities to trace. Chainalysis confirmed Chatex handled payments for multiple ransomware variants, including those targeting hospitals and schools. Its Telegram-based model allowed criminals to move money quickly and anonymously.
Are there safe alternatives to Chatex for Telegram-based crypto?
No legitimate Telegram-based crypto exchanges exist today. All similar services are either unregulated or outright scams. Instead, use licensed exchanges like Coinbase or Kraken, which have strict compliance systems. If you need to send crypto via messaging apps, use official wallet features from trusted platforms. Never use unverified Telegram bots-they’re high-risk and often linked to criminal activity.