CoinEx Halts Operations Amid Crypto Market Downturn

Hong Kong-based cryptocurrency exchange CoinEx has announced it will cease operations due to prolonged market downturn and rising regulatory requirements. The decision comes as Bitcoin has languished near two-year lows, with its value hovering around $60,000 since months.

Average daily bitcoin spot trading volume fell to about $2.2 billion in July, a significant drop from the previous year's levels. This decline in trading activity has made it difficult for exchanges like CoinEx to sustain operations.

CoinEx stated that it will gradually cease services from September 15 and withdrawal services will remain available until December 22. The exchange emphasized that all user assets are fully backed and available for withdrawal.