CoinEx Exchange Announces Closure After Nine Years of Operation
- Withdrawals began on September 15, with a deadline set for December 22.
- Founder Haipo Yang confirmed all user assets are fully backed by reserves exceeding 100%.
- CET tokens will be repurchased at their original price of $0.005 USDT.
- The exchange’s decision follows declining market conditions and regulatory pressures.
CoinEx, headquartered in the Seychelles, is winding down operations after nearly a decade due to market downturns and rising costs. The platform plans to phase out services gradually while ensuring user protection remains a priority. Following a legal settlement in June regarding its exit from the US market, CoinEx aims for an orderly closure without transferring ownership.
As CoinEx prepares to cease operations on December 22, users are encouraged to withdraw their assets before the deadline. The exchange’s CET token has seen a significant decline of approximately 97% since its peak in early trading days. (Source)
