CoinEx Closes Doors Amid Market Slump and Regulatory Burden
Crypto exchange CoinEx announced on September 14 that it will shut down permanently after nine years of operation. The Seychelles-based exchange cited a prolonged market downturn, declining industry volume and liquidity, and growing regulatory and compliance costs as the driving factors behind its decision.
The trading services will end on September 29, and user withdrawals will be available until December 22. CoinEx founder and CEO Haipo Yang said he had 'come to accept a hard truth' that running a crypto exchange had become too difficult to manage due to security and compliance risks.
Yang stated that he wanted a 'clean ending' for the business, ensuring that users could withdraw their full balances and employees received a dignified exit. He acknowledged that CoinEx had not become the exchange he envisioned despite serving users across more than 200 countries and regions over its nine-year run.