CoinEx Closes Doors Amid Security and Compliance Risks

Hong Kong-based cryptocurrency exchange CoinEx has announced its decision to cease operations on December 22, marking the end of a nine-year journey. Founder and CEO Haipo Yang cited 'increasingly difficult' conditions in running a crypto exchange, including mounting security and compliance risks.

The closure follows similar announcements from BitMart and BitMEX, highlighting a trend of established exchanges struggling to maintain their place in the market as the industry matures and consolidates. CoinEx's 24-hour trading volume sits at just over $70 million, significantly lower than leading Asia-based exchanges like CoinW ($1.18 billion) and Gate ($1.6 billion), according to data from CoinGecko.

Yang rejected a potential sale in favor of a 'clean ending', stating that he did not feel selling the exchange would be the right way to end its journey. Users have until December 22 to withdraw their funds, after which the exchange will formally close.