CoinEx Shuts Down Amid Crypto Market Downturn and Regulatory Pressures

CoinEx, a cryptocurrency exchange ranked 33rd by trading volume, is shutting down after nearly nine years of operation. The exchange cited a prolonged downturn in the crypto market and rising regulatory costs as the reasons behind its decision.

The CEO, Haipo Yang, posted an announcement on X stating that the exchange never reached its goal of becoming an industry leader and that security and compliance risks had become too difficult to manage. CoinEx has a history with regulators, having exited the United States in 2023 following a settlement with the New York Attorney General.

The closure is part of a wider trend, with other exchanges such as AscendEX and BitMEX shutting down due to similar reasons. Users have until December 22 to withdraw their funds, after which any remaining USDT will be moved to an independent custodian at a monthly fee equal to 5% of the recorded balance.