CoinEx to Shut Down After 9 Years Amid Crypto Market Downturn
CoinEx Announces Wind-Down After Nine Years
CoinEx, a cryptocurrency exchange (a platform where users can trade digital assets), has announced it will stop operations after nine years. The company cited a prolonged crypto market downturn, low trading volumes, and rising regulatory and compliance costs as reasons.
Key Details of the Shutdown Timeline
- New user registrations and referral rewards will be halted immediately.
- Futures contracts will enter a "Reduce-Only" mode, meaning no new orders can be placed.
- Non-spot services will be discontinued from September 22.
- All spot trading will stop on September 29, and non-USDT assets will be processed.
- Withdrawals will remain open until December 22, after which the platform will cease operations.
CEO Haipo Yang's Statement on X
CoinEx CEO Haipo Yang stated on X that the exchange did not become an industry leader and that security and compliance risks have become difficult to manage. He thanked users for their trust and support over the past nine years.
Confirmed Facts from the Announcement
The exchange was launched in December 2017 by crypto mining pool ViaBTC. According to CoinMarketCap, it ranks 33rd with $58 million in 24-hour trading volume. CoinEx will buy back its CET token at 0.005 USDT per token, which is slightly higher than its price before the announcement.
Unconfirmed Details on Asset Custody
After December 22, any unwithdrawn USDT will be transferred to an independent custodian, which will charge a monthly custody fee. The specific custodian is not named in the announcement.
Why CoinEx's Closure Matters for the Crypto Industry
The shutdown adds to a trend of crypto exchanges ceasing operations this year, including BitMart, BitMEX, and AscendEX. It highlights ongoing challenges in the industry related to market conditions and regulatory pressures.
Next Steps for CoinEx Users
Users must withdraw their assets by December 22. CoinEx Wallet (a tool for storing digital currencies) and CoinEx Vault will continue to operate independently and remain fully functional.