CoinEx Winds Down Amid Market Downturn and Compliance Costs
CoinEx, the Hong Kong-based cryptocurrency exchange, is shutting down operations after nine years. The platform has announced that it will cease new user registrations on Tuesday and close entirely by December 22.
The decision to wind down comes as a result of a prolonged market downturn, shrinking industry trading volume and liquidity, and compliance costs that the company says have become unsustainable.
CoinEx left the US in 2023 under a settlement with New York Attorney General Letitia James. The agreement returned over $1.1 million to affected investors and included state penalties of over $600,000.
The exchange is offering its remaining CoinEx Token (CET) holders an exit above market, repurchasing all tokens at 0.005 USDT each with no quantity cap or extra conditions. The CET price has traded around 7% below the repurchase price and approximately 97% lower than its July 2018 peak.