CoinEx Shuts Down Amid Compliance Risks and Decreasing Revenue
CoinEx, a Hong Kong-based cryptocurrency exchange, has announced that it will cease operations by December 22, 2026. The decision was made due to increasing compliance risks and decreasing revenue.
According to the founder, Haipo Yang, all operations will come to an end in December, but users can withdraw their funds without any issues. Yang acknowledged that running a crypto exchange has become too difficult due to rising security and compliance risks.
The exchange suffered from a $70 million hack in 2023, but it was able to fully repay its users soon after. However, the current market conditions, including stiff competition and regulatory scrutiny, have made it challenging for CoinEx to operate profitably.
CoinEx will buy back its native CET token at $0.005, and all margin and spot trading will cease by the end of this month. The final withdrawal period will end in December, but users can still use the exchange's wallet and vault services.