CoinEx to Cease Operations Amid Ongoing Crypto Market Challenges
- CoinEx announced its shutdown on September 15, citing a prolonged downturn in the crypto market and rising compliance costs.
- Users have until December 22 to withdraw their assets, with spot trading ceasing on September 29.
- CEO Haipo Yang stated that CoinEx’s reserve ratio exceeds 100%, ensuring user funds are fully backed.
- CET token price surged by 7% to $0.00499, as CoinEx plans to buy back tokens at their initial listing price.
- Binance founder Changpeng “CZ” Zhao noted that recent wind-downs have allowed users to withdraw assets, contrasting past scenarios like QuadrigaCX.
The closure of CoinEx reflects broader challenges in the cryptocurrency market, with smaller exchanges struggling against rising regulatory pressures and competition from larger platforms. Users are encouraged to secure their assets before the December withdrawal deadline.
With spot trading ending soon and a significant increase in CET token trading volume, affected users must act quickly to manage their holdings effectively before the shutdown concludes.(Source)
