CoinEx Ceases Operations Amid Crypto Market Downturn
Crypto exchange CoinEx is ceasing operations after nine years in business, citing significant contraction in the crypto market. The exchange will halt new user registrations and referral commissions starting from September 22. It will also stop accepting new orders or subscriptions for its various services, including fiat, margin trading, lending, earn, staking, and strategic trading.
CoinEx CEO Haipo Yang said that 'the security and compliance risks of running a crypto exchange have become increasingly difficult to contain.' This decision comes as part of a wave of crypto exchanges shutting down due to similar reasons. CoinEx is ranked 33rd with $58 million in 24-hour trading volume, according to CoinMarketCap.
The platform will continue to operate until December 22, when it will cease all operations. Any unwithdrawn USDT will be transferred to an independent custodian, which will incur a monthly custody fee. Users can withdraw their assets before the shutdown period ends.