CoinEx Shuts Down Citing Market Downturn and Regulatory Costs

Crypto exchange CoinEx has announced it will shut down after nine years of operation, citing difficulties in maintaining security and compliance.

The Seychelles-based exchange will stop accepting new registrations from September 15th, while withdrawals will remain open until December 22nd.

Most exchange services will cease by September 29th. Unwithdrawn assets after this date may be sold into USDT.

CoinEx Founder and CEO Haipo Yang attributed the decision to a prolonged market downturn, shrinking industry volume and liquidity, and rising regulatory requirements and compliance costs.