CoinEx Shuts Down Amid Crypto Market Downturn
Crypto exchange CoinEx announced on September 15 that it will cease operations after nearly nine years in business. The company cited shrinking trading volumes and liquidity due to a prolonged downturn in the crypto market, as well as rising regulatory compliance costs across major jurisdictions.
New user registration was halted effective immediately, and all services, including withdrawal support, will terminate on December 22. CoinEx's native token CET will be bought back at its original listing price of 0.005 USDT per token, slightly above the price on the day before the announcement.
According to the company's statement, new account registration stopped on September 15, and futures trading shifted to reduce-only mode, restricting new position openings. On September 22, non-spot services including futures, staking, and lending will be discontinued, followed by a halt to spot trading on September 29.
CoinEx was launched in December 2017 as a member of the ViaBTC Group, a major Hong Kong-based crypto mining pool operator. The exchange withdrew from the mainland Chinese market following China's intensified crypto regulations in 2021 and has since operated as an international exchange headquartered in Seychelles.