CoinEx Shuts Down Amid Cryptocurrency Market Downturn

CoinEx, a Hong Kong-based cryptocurrency exchange, has announced it will shut down due to prolonged market downturn and rising security and compliance costs. The exchange cited weak markets, shrinking trading volumes and liquidity as reasons for its closure.

According to CoinEx's founder Haipo Yang, the company had reached a point where the risks of running a crypto exchange became 'increasingly difficult to contain'. Despite having 'millions' of users, CoinEx was unable to sustain itself in the current market conditions.

The exchange will cease services gradually from September 15, with withdrawals available until December 22. CoinEx maintained that all customer assets were fully backed and available for withdrawal, with an asset-reserve ratio above 100 per cent.