CoinEx Shuts Down Amid Crypto Market Winter
CoinEx, a Hong Kong-based cryptocurrency exchange, has announced it will shut down operations due to a prolonged downturn in the crypto market. The exchange cited shrinking trading volume and rising regulatory costs as reasons for its decision.
In an official announcement on September 15, CoinEx stated that user funds remain fully backed and withdrawals will be available until December 22. New registrations, futures trading, and rewards programs have already been discontinued, with non-spot services to cease next week. Spot trading, the CoinEx Smart Chain, and OneSwap will shut down on September 29.
However, CoinEx Wallet and CoinEx Vault services will continue separately. ViaBTC, a crypto mining pool linked to CoinEx, confirmed that the shutdown has no impact on its mining services.
CoinEx's CEO, Haipo Yang, said the exchange's reserve ratio exceeds 100%. He considered selling the exchange but chose a 'clean ending' due to security and compliance risks becoming harder to contain.
Binance founder Changpeng 'CZ' Zhao commented on the shutdown, saying 'At least, the few recent wind-downs during this winter have allowed users to withdraw their assets, a sharp contrast to the QuadrigaCx styles in the previous cycles.'