CoinEx Calls It Quits Amid Crypto Market Downturn
CoinEx, a Hong Kong-based cryptocurrency exchange founded by ViaBTC in December 2017, has announced it will cease operations and begin an orderly liquidation. The platform cited the prolonged downturn in the crypto market, shrinking trading volume and liquidity, rising regulatory requirements, and compliance costs exceeding reasonable limits as reasons for its shutdown.
Founder and chief executive Haipo Yang acknowledged that CoinEx failed to achieve its ambition of becoming a top-tier industry player, while security concerns and regulatory challenges had become increasingly unmanageable. The exchange has registered approximately $58 million in daily trading volume at the time of the announcement.
The shutdown is staged, with new user registrations and referral rewards halted immediately. On September 22, all non-spot services will be halted; on September 29, spot trading will cease, and all CET in user accounts will be repurchased at $0.005 per token. On December 22, the withdrawal period ends, and the platform ceases operations.
CoinEx has prior regulatory history, having settled a case brought by the New York Attorney General under the Martin Act in 2023, paying more than $1.7 million, of which about $1.1 million was refunded to New York investors.