CoinEx Shuts Down Amid Rising Compliance Costs and Market Slump

CoinEx, a cryptocurrency trading platform that has been in operation for nine years, is set to shut down due to rising compliance costs and the prolonged downturn in the market. Haipo Yang, the founder of CoinEx, confirmed on X that the exchange will be ceasing operations, citing the long market slump and increasing regulatory requirements as part of its reasons.

The shutdown process will take place in phases, with new account registrations, referral commissions, and reward payouts already stopped. Futures markets have been moved into Reduce-Only mode, and fresh orders for fiat, margin, loans, staking, and various Earn and Strategic trading products are no longer being accepted.

CoinEx has also announced that it will start converting non-$USDT holdings and buying back its exchange token, CET, at 0.005 $USDT per coin in September. The withdrawal window will remain open until December 22, when the platform goes dark for good.