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Crypto

CoinEx Shuts Down Amid Market Downturn and Rising Compliance Costs

Guavy AI Editorial Team
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BTC USDT
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CoinEx, a Hong Kong-based cryptocurrency exchange founded in December 2017 by mining pool ViaBTC, is shutting down. The company cited prolonged market downturns, shrinking trading volumes and liquidity, rising regulatory requirements, and compliance costs exceeding reasonable limits as reasons for the closure.

The shutdown process has been staged, with new user registrations halted immediately, futures moved to reduce-only mode on September 22, spot trading ceasing on September 29, and all CET tokens in user accounts repurchased at $0.005 USDT per token. The platform will cease operations by December 22.

CoinEx has a reserve ratio surpassing 100% and registered approximately $58 million in daily trading volume at the time of the announcement. However, its native token, CET, rose after the shutdown news despite being down sharply for the year.

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