Crypto exchange CoinEx to shut down after 9 years, citing market slump
The exchange blamed a long market slump, shrinking volume and liquidity, and rising regulatory and compliance costs.
Crypto exchange CoinEx announced on Tuesday that it is ceasing operations after nine years in business. The decision comes after the platform observed significant contraction in the cryptocurrency market, coupled with rising trading volumes, liquidity issues, and escalating regulatory and compliance costs. CoinEx CEO Haipo Yang reflected on the company's inability to establish itself as a leading exchange amid these challenges.
The wind-down process will begin on September 22, with all non-spot services and onchain deposits to be discontinued. Only CET deposits will be permitted from that date. By September 29, spot trading services will also be discontinued, and non-USDT assets will undergo processing. By December 22, the withdrawal period will come to an end, and the platform will ultimately cease operations.
Any unwithdrawn USDT will be transferred to an independent custodian, subject to a monthly custody fee. The CoinEx Wallet and CoinEx Vault will continue to operate independently of the exchange. Launched in December 2017 by crypto mining pool ViaBTC, CoinEx is now ranked 33rd among crypto exchanges with $58 million in 24-hour trading volume.
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