CoinEx Shuts Down Amid Market Downturn and Regulatory Pressures
Crypto exchange CoinEx has announced its shutdown, effective immediately. The Hong Kong-based exchange, which has been in operation for nine years, cited a prolonged downturn in the cryptocurrency market and rising regulatory requirements as reasons for its closure.
The company's statement mentioned that despite having an asset reserve ratio of over 100%, it could no longer sustain operations due to 'compliance costs and operational uncertainties exceeding reasonable boundaries'. CoinEx emphasized that all user assets are fully backed and available for withdrawal in full, with withdrawal channels remaining open until December 22.
The exchange has outlined a phased shutdown schedule, which includes ceasing new user registrations on September 15, reducing services such as futures contracts to 'Reduce-Only Mode' by the same date, and eventually closing all spot trading services by September 29. The CoinEx Smart Chain (CSC) and OneSwap will also cease operations.