CoinEx Shuts Down Citing Market Downturn and Compliance Costs

CoinEx, a prominent cryptocurrency exchange, has announced its decision to shut down after nine years of operation. The exchange cited a 'prolonged downturn in the cryptocurrency market' and increasing compliance costs as reasons for its closure.

In a statement, CoinEx Founder and CEO Haipo Yang said he considered selling the platform but decided against it, opting for a 'clean ending' instead. Yang emphasized that users' assets are fully backed, with an asset reserve ratio exceeding 100%, and withdrawal channels will remain open until December 22.

The exchange has begun to wind down its services in stages, starting with the closure of new registrations and reward payouts on September 15. Non-spot services will cease on September 22, followed by spot trading and CoinEx Smart Chain on September 29.