CoinEx Halts Operations Amid Prolonged Market Downturn

Hong Kong-based cryptocurrency exchange CoinEx announced on Tuesday that it would cease operations due to prolonged market downturn and rising security and compliance costs.

CoinEx said it would gradually shut down services from September 15, with withdrawals remaining available until December 22. The exchange cited weak markets, shrinking trading volumes and liquidity, and increasing regulatory requirements as factors contributing to its decision.

CoinEx founder Haipo Yang stated that the security and compliance risks of running a crypto exchange have become increasingly difficult to contain.