CoinEx Halts Operations Amid Crypto Market Downturn and Regulatory Pressures

CoinEx, a cryptocurrency exchange founded in December 2017 by ViaBTC, announced it will cease operations due to a prolonged crypto market downturn and increasing regulatory compliance costs.

The company cited sinking trading volumes and liquidity as reasons for the shutdown. CoinEx will halt new user registrations, referral commissions, and other rewards, with futures contracts entering 'Reduce-Only' mode.

CoinEx CEO Haipo Yang stated that 'the security and compliance risks of running a crypto exchange have become increasingly difficult to contain.' The closure is the latest in a series of crypto exchanges shutting down this year, including BitMart, BitMEX, and AscendEX.