Coinex Shuts Down Amid Crypto Downturn and Regulatory Pressures

Coinex, an exchange founded by Haipo Yang in December 2017, will shut down completely on December 22. The decision comes after a prolonged downturn in the cryptocurrency market and rising regulatory requirements.

The exchange cited these reasons for its closure: 'A prolonged downturn in the cryptocurrency market, the significant contraction in overall industry trading volume and liquidity, and the continuously rising regulatory requirements across major jurisdictions.'

Coinex will begin an orderly wind-down on September 15. New sign-ups and referral rewards will stop, and futures will be switched to reduce-only ahead of a spot halt on September 29.

The exchange's founder, Haipo Yang, stated that 'Coinex has failed to become one of the leading exchanges in the industry.' He added that taking on unlimited risks for limited revenue was no longer a rational choice. Yang considered selling Coinex but decided against it, citing concerns about passing user trust to a new owner.

The exchange's reserve ratio is above 100%, and users can withdraw their balances in full. However, USDT left on the platform after December 22 will incur a 5% monthly custody fee, with claims open until August 22, 2028.