{
  "id": 7516487,
  "title": "Hong Kong crypto exchange CoinEx to shut amid prolonged market downturn",
  "url": "https://urgent.news/2026/09/15/hong-kong-crypto-exchange-coinex-to-shut-amid-prolonged-market",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-15T08:13:00.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/09/15/hong-kong-crypto-exchange-coinex-to-shut-amid-prolonged-market-downturn"
  },
  "original_language": "en",
  "account": "Hong Kong's crypto exchange CoinEx announced on Tuesday its decision to cease operations amid a prolonged downturn in the digital assets market. The cryptocurrency market, led by Bitcoin, has languished near two-year lows of around US$60,000, after dropping roughly 50% from its October 2025 peak of nearly US$130,000. This downward trend, coupled with reduced trading volume and increasing regulatory requirements, has made the exchange's operations unsustainable.\n\nCoinEx stated that it will gradually cease services starting September 15, 2026, but withdrawal services will remain available until December 22. The exchange's asset-reserve ratio is over 100%, ensuring all user assets are fully backed and available for withdrawal. However, the digital asset manager ChainUp Investment noted that average daily Bitcoin spot trading volume had fallen to about US$2.2 billion in July, its lowest since November 2023, and further dropped to around US$1.8 billion in August, indicating participation had reached near three-year lows. The lack of trading activity suggests that making money in the current market is nearly impossible, rendering operations unsustainable, according to Justin d’Anethan, head of research at Arctic Digital.",
  "summary": "Volumes in crypto markets have been so anemic that there's probably no money to be made and so crypto exchange operations aren't sustainable.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
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        "url": "https://urgent.news/2026/09/15/syngenta-files-for-hong-kong-ipo-that-could-raise-5-billion-bloomberg",
        "published": "2026-09-15T04:25:17.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Syngenta files for Hong Kong IPO that could raise $5 billion, Bloomberg News reports",
        "url": "https://urgent.news/2026/09/15/syngenta-files-for-hong-kong-ipo-that-could-raise-5-billion-bloomberg-7477187",
        "published": "2026-09-15T04:37:09.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Hong Kong crypto exchange CoinEx to shut amid prolonged market downturn",
        "url": "https://urgent.news/2026/09/15/hong-kong-crypto-exchange-coinex-to-shut-amid-prolonged-market-7517699",
        "published": "2026-09-15T08:13:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}