CoinEx Closes Doors After 9 Years Amid Crypto Downturn

CoinEx, a cryptocurrency exchange founded in 2017 by ViaBTC mining pool, is shutting down its trading operations. The decision comes after nine years of operation due to prolonged market downturn that has led to declining volumes and liquidity.

The platform will phase out services over several steps. New user registrations, rewards, and referral commissions have already been stopped. Trading on derivatives markets will be reduced to 'Reduce-Only' mode, while new orders or subscriptions for multiple non-spot and related services are no longer being accepted.

CoinEx plans to buy back its CET token at the initial listing price of 0.005 USDT (around $1) per token. The exchange's CoinEx Wallet and CoinEx Vault will remain operational, as they run independently from the trading platform.

The shutdown timeline is detailed in several steps. From September 22, CoinEx says it will discontinue all non-spot services, with the exception of CET deposits. From September 29, spot trading services will end, and withdrawals will conclude by December 22.