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CoinEx Halts Operations Amid Industry Challenges

Guavy AI Editorial Team
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Hong Kong-based cryptocurrency exchange CoinEx has announced it will cease operations due to 'increasingly difficult' conditions in the industry.

The exchange, which went live nine years ago, has given its users until December 22 to withdraw their funds before formally closing down.

Founder and CEO Haipo Yang stated that running a crypto exchange has become too challenging, citing security and compliance risks.

CoinEx's trading volume is significantly lower than major exchanges in Asia, with a 24-hour volume of just over $70 million compared to CoinW's $1.18 billion and Gate's $1.6 billion.

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