CoinEx Announces Shutdown After Nine Years of Operation

Crypto exchange CoinEx has announced its plans to shut down on December 22nd, exactly nine years after its launch. The exchange cited a prolonged crypto-market downturn, reduced trading volume and liquidity, and rising regulatory requirements as reasons for its closure.

The platform's founder, Haipo Yang, stated that CoinEx did not become a leading exchange and that security and compliance risks became harder to contain. He added that 'carrying unlimited risk for limited revenue is no longer a rational choice.'

CoinEx has already begun its staged wind-down, with trading ending on September 29th. The platform will also stop withdrawals at 2:00 UTC on December 22nd and close the exchange on the same day.