CoinEx Closes Down Due to Market Slump and Compliance Costs
CoinEx, a cryptocurrency exchange that has been in operation for nine years, announced its decision to cease trading and begin an orderly wind-down. The exchange cited a prolonged downturn in the market, shrinking industry trading volume and liquidity, rising regulatory requirements, and compliance costs as reasons for its closure.
The shutdown will take place in stages, with non-spot services ending on September 22 and spot trading ceasing on September 29. Withdrawals will remain available until December 22 at 02:00 UTC, giving customers a defined exit window. During the wind-down period, CoinEx will repurchase its native CET token at 0.005 USDT per token.
The decision to shut down has been met with a combination of market downturn and rising regulatory costs. The exchange's announcement did not provide further details on what specific compliance costs it faced or how they affected the business.