CoinEx to Shut Down Amid Market Downturn and Regulatory Pressures
CoinEx, a Hong Kong-based cryptocurrency exchange, has announced plans to cease operations. The decision was made due to prolonged market downturn, declining trading volumes and liquidity, rising regulatory requirements, increasing compliance costs, and operational uncertainties.
The exchange still holds a significant amount of Shiba Inu (SHIB) in its reserves, with 442,792,693,142 tokens valued at around $2.29 million. This represents a 73% reduction from the approximately 1.69 trillion SHIB held in December 2022.
CoinEx has maintained exposure to Shiba Inu over the years and promoted the token through various campaigns. The exchange will stop new registrations and several trading services on September 15, with non-spot services ending on September 22 and spot trading ceasing on September 29.
The exchange will keep withdrawals available until December 22, 2026. CoinEx CEO Haipo Yang stated that users' assets remain fully backed, with the reserve ratio exceeding 100%.