CoinEx, a crypto exchange once popular in Iran, said it was shutting down on Tuesday citing a prolonged downturn in the cryptocurrency market and rising compliance costs.

The exchange, founded by a former Tencent engineer in Hong Kong, was the subject of a Wall Street Journal article in June that showed how it had become a favorite of Iranian users, including ones with ties to the Islamic Republic. CoinEx said it would move to cut off Iranian users following the article.