CoinEx Closes Exchange After Nearly Nine Years Amid Regulatory Pressures
CoinEx has announced it will be shutting down its exchange after nearly nine years of operation. The company cited a prolonged crypto downturn, weaker industry trading activity and liquidity, and rising regulatory and compliance costs as reasons for its decision.
The shutdown process began on September 15, with new registrations stopped and referral rebates and new subscriptions or orders across fiat services, margin trading, loans, Earn, staking, and strategic trading suspended. Existing futures positions can still be reduced before derivatives services end on September 22, when open positions will be scheduled for forced settlement using index prices.
CoinEx has assured users that their balances remain fully backed and that its asset reserve ratio exceeds 100%. The company's proof-of-reserves system uses published wallet information and a Merkle tree to allow users to check whether account balances were included in a reserve snapshot.