CoinEx Closes Doors After 9 Years Amid Crypto Market Contraction

CoinEx has announced it will cease operations by December 22, citing a prolonged crypto market downturn and rising regulatory costs. The exchange, ranked 33rd with $58 million in 24-hour trading volume according to CoinMarketCap, will halt new user registrations, referral commissions, and other rewards as part of the wind-down process.

Chief Executive Officer Haipo Yang said in a post on X that running a crypto exchange has become increasingly difficult due to security and compliance risks. 'After much reflection, I have come to accept a hard truth. CoinEx did not become one of the industry's leading exchanges,' he stated.

The closure follows similar announcements from BitMart, BitMEX, and AscendEX, which also ceased operations this year due to market conditions.