CoinEx Shuts Down Amid Market Weakness and Compliance Costs
Crypto exchange CoinEx is shutting down after nearly nine years in operation. The company cited prolonged weakness in the cryptocurrency market and increasing compliance costs as reasons for its decision to cease operations.
The wind-down process will occur over three months, with new user registration stopped immediately on September 15. Spot trading will end on September 29, while withdrawals will remain available until December 22, the final deadline for users to pull their funds off the platform.
CoinEx's reserve ratio for customer assets exceeds 100 percent, meaning users should be able to withdraw their holdings in full. However, the company urged customers to move their funds before December 22 to avoid complications once the platform goes dark.