CoinEx to cease operation after 9 years, citing ‘significant’ crypto contraction
CoinEx said falling trading volumes and liquidity, along with rising regulatory and compliance costs, had exceeded “reasonable boundaries,” with withdrawals remaining open until Dec. 22.
Crypto exchange CoinEx said it is winding down operations, citing a prolonged crypto market downturn, sinking trading volumes and liquidity, and rising regulatory and compliance costs, according to an announcement on Tuesday.
As part of the wind-down, CoinEx will halt new user registrations, referral commissions and other rewards. Futures contracts will enter a “Reduce-Only” mode. CoinEx will also stop accepting new orders or subscriptions across its fiat, margin trading, lending, earn, staking and strategic trading services.
“After much reflection, I have come to accept a hard truth. CoinEx did not become one of the industry’s leading exchanges, and the security and compliance risks of running a crypto exchange have become increasingly difficult to contain,” CoinEx CEO Haipo Yang said in a post on X.