CoinEx Closes Doors: 9-Year Exchange Halts Operations Amid Market Decline
CoinEx, a long-standing cryptocurrency exchange, has announced its decision to cease operations after nine years. The exchange cited prolonged stagnation in the market, declining trading volume and liquidity, increasing regulatory requirements, and compliance costs as reasons for the closure.
In an official statement, CoinEx outlined a phased shutdown and closure process starting September 15th. New user registrations will cease on this date, followed by a 'Reduce-Only' mode in futures markets on the same day.
The exchange's services will be discontinued gradually: futures trading, staking, lending, and non-spot services will end on September 22nd, while spot trading will be closed on September 29th. CoinEx Smart Chain and OneSwap services will also cease operations on this date.
CoinEx has assured users that all assets are backed by reserves, with an asset-to-reserve ratio exceeding 100%. The exchange urges users to withdraw their assets before the deadline of December 22nd, taking into account potential network congestion and transaction delays.