Hong Kong crypto exchange CoinEx to cease operations after 9 years in business

Hong Kong-based cryptocurrency exchange CoinEx announced on September 15 that it will cease operations due to prolonged digital asset market downturn and increasing regulatory pressures, according to a statement. Bitcoin, the largest cryptocurrency, had been hovering around $60,000 for months, falling more than 50% from its October 2025 peak of nearly $130,000.

The recent rebound to over $77,000, driven by concerns of dollar devaluation, proved temporary as market uncertainties surrounding a potential U.S. Federal Reserve rate hike and the U.S. Clarity Act persisted. The exchange cited prolonged market weakness, declining trading volumes, and escalating regulatory requirements as reasons for its decision to wind down operations.

Average daily Bitcoin spot trading volume at CoinEx plunged to about $2.2 billion in July, its lowest since November 2023, and further to around $1.8 billion in August, indicating near three-year lows in participation. Justin d’Anethan, head of research at Arctic Digital, suggested that the crypto market's current inactivity may render operations unsustainable.

CoinEx maintained an asset-reserve ratio of over 100% and assured that all user assets were fully backed and available for withdrawal until December 22.