CoinEx to Shut Down Amid Market Downturn and Regulatory Pressures
CoinEx, a cryptocurrency exchange founded nine years ago by Haipo Yang, is shutting down due to prolonged market downturn, reduced trading volume and liquidity, and increasing regulatory requirements. The exchange will stop spot trading on September 29 and close on December 22, exactly nine years after its launch.
New registrations have stopped, futures are in reduce-only mode, and CoinEx is no longer accepting new orders or subscriptions for products including margin trading, loans, Earn and staking. All non-spot services and most deposits will end on September 22.
CoinEx's reserve ratio exceeds 100%, according to the exchange, but its public proof-of-reserves page does not show any current audit rows. Arkham, an analytics platform, attributes $422.7 million across 3.2 million addresses to CoinEx, with the largest labeled holdings including about $144.7 million of Bitcoin and $100.8 million of Spark Savings USDT.
CoinEx will repurchase its CET token at 0.005 USDT through September 29, when remaining CET in customer accounts will be converted automatically. After withdrawals end on December 22, unwithdrawn USDT will move into independent custody and incur a monthly fee equal to 5% of the original balance recorded at the end of the withdrawal period.
CoinEx Wallet and CoinEx Vault are independent of the exchange and will continue operating. Yang stated that security and compliance risks became harder to contain, making it 'no longer a rational choice' for the exchange to carry unlimited risk for limited revenue.