CoinEx Announces Shutdown Amid Market Downturn

CoinEx, a Seychelles-based cryptocurrency exchange founded in December 2017 by Haipo Yang, has announced it will cease operations and shut down its exchange by December 22 due to weaker market conditions, declining industry trading activity and liquidity, higher regulatory requirements, and rising compliance and operational costs.

The company stated that it would begin winding down its crypto exchange on September 15, with non-spot services ending on September 22, and spot trading ceasing on September 29. CoinEx maintains reserves above 100% and allows users to withdraw their assets in full during the wind-down period.

The exchange will also shut down its CoinEx Smart Chain and OneSwap platforms and repurchase all remaining CET tokens at a rate of 0.005 USDT per token. Withdrawal services will remain open through December 22, but unwithdrawn USDT after this date will be moved into independent custody and incur a monthly custody fee equal to 5% of the original asset balance.

CoinEx's planned closure comes as several other crypto companies wind down their operations, including BitMEX, which is set to shut down by the end of this month following 11 years of operations.