Cryptocurrency Exchange CoinEx Shuts Down Amid Regulatory Pressure and Industry Uncertainty

CoinEx, a cryptocurrency exchange, has announced that it will be shutting down its operations. The company cited the prolonged bear market and increased regulatory requirements as reasons for its decision.

The exchange was founded in 2017 by Haipo Yang, who is also the founder of ViaBTC Group. CoinEx had launched several products, including platform tokens CET, wallet services, CSC public chain, and OneSwap, and operated in over 200 countries and regions.

In a blog post earlier this year, Yang outlined his pessimistic views on the cryptocurrency industry, citing its unsustainable growth model and high operating costs. He predicted that the industry would eventually collapse under its own weight.

The shutdown of CoinEx comes as other major exchanges, including BitMEX and BitMart, have also faced difficulties in recent years. The company's assets will be transferred to USDT, and users can redeem their coins at a rate of 0.005 USDT per coin.