CoinEx Announces Closure Amid Market Downturn, Regulatory Pressure

CoinEx, a Hong Kong-based cryptocurrency exchange, has announced plans to cease operations and wind down its business. The decision was made due to prolonged market downturns, declining trading volumes and liquidity, rising regulatory requirements, increasing compliance costs, and operational uncertainties.

The exchange will stop new registrations on September 15, followed by the cessation of non-spot services on September 22, spot trading on September 29, and withdrawals on December 22, 2026. Despite its decision to close, CoinEx has assured users that their assets remain fully backed with a reserve ratio exceeding 100%.

CoinEx currently holds approximately 442.793 billion Shiba Inu (SHIB) in its reserves, worth around $2.29 million at current prices. This represents a significant decline from December 2022, when the exchange held about 1.69 trillion SHIB, marking a 73% reduction.

CoinEx CEO and founder Haipo Yang stated that the exchange will buy back CET tokens at their initial listing price of $0.005 per token without any quantity limit, providing holders with a clear exit as operations wind down.