CoinEx Shuts Down Amid Crypto Market Contraction
CoinEx, a nine-year-old crypto exchange, is shutting down due to significant contraction in the crypto market. The exchange cited prolonged downturn, sinking trading volumes and liquidity, and rising regulatory and compliance costs as reasons for its closure.
CoinEx CEO Haipo Yang acknowledged that the exchange has not become one of the industry's leading exchanges, and that security and compliance risks have become increasingly difficult to contain.
The exchange will halt new user registrations, referral commissions, and other rewards. Futures contracts will enter a 'Reduce-Only' mode, and all non-spot services, including onchain deposits (except for CET deposits), will be discontinued from September 22. Spot trading services will be shut down on September 29.
CoinEx has announced that it will buy back its native token, CET, at the initial listing price of 0.005 USDT per token. The withdrawal period will end on December 22, and any unwithdrawn USDT will be transferred to an independent custodian, incurring a monthly custody fee.
CoinEx Wallet and CoinEx Vault will remain fully operational, as they operate independently of the exchange. The exchange has thanked its users for their support over the past nine years.