CoinEx Closes Down Amid Crypto Market Downturn and Rising Regulatory Costs
CoinEx, a major cryptocurrency exchange, is shutting down its operations due to declining trading volumes and rising regulatory costs. The exchange cited the prolonged crypto market downturn as the primary reason for its decision.
The closure will be phased over several months, with new user registrations halted first, followed by the suspension of futures contracts and other services such as fiat, margin trading, lending, earn, staking, and strategic trading. By September 29, all spot trading services will be discontinued, except for USDT assets.
CoinEx CEO Haipo Yang acknowledged that the exchange had not become one of the industry's leading exchanges and that running a crypto exchange has become increasingly difficult due to security and compliance risks.
The closure is part of a wave of crypto exchanges ceasing operations this year, including BitMart, BitMEX, and AscendEX. CoinEx will buy back its native token CET at the initial listing price of 0.005 USDT per token. The exchange's wallet and vault services will remain operational.