CoinEx Shuts Down Amid Market Downturn and Regulatory Pressures

CoinEx, a cryptocurrency exchange founded by ViaBTC in December 2017, has announced its plans to shut down due to prolonged market downturn and increasing regulatory burdens. The platform will phase out its trading operations, starting with new user registrations, followed by the discontinuation of futures trading, spot markets, and eventually withdrawals.

The shutdown timeline is as follows: new sign-ups will be stopped first, then trading will gradually be curtailed across derivatives and spot markets, and finally withdrawals will conclude at the end of a scheduled withdrawal window on December 22. CoinEx also plans to buy back its CET token at its initial listing price of 0.005 USDT per token.

CoinEx's decision to shut down is attributed to the exchange's inability to reach the scale of leading trading venues, as well as increased compliance and security costs. The company has framed its decision as a recognition of the 'hard truth' that operating a crypto exchange has become increasingly difficult due to market conditions and regulatory pressures.

The shutdown will have significant implications for users, who will need to withdraw their assets before December 22. CoinEx Wallet and CoinEx Vault will remain operational, but trading on the platform will cease entirely by the end of the withdrawal period.