Coinex Announces Shutdown Amidst Market Downturn
- Coinex ceased new sign-ups on September 15 and transitioned futures to reduce-only mode.
- Spot trading will end on September 29, with CET repurchased at $0.005 USDT.
- USDT remaining after December 22 will incur a monthly custody fee of 5% until August 22, 2028.
- The exchange’s reserve ratio is above 100%, ensuring full user balance withdrawals.
- Coinex cited prolonged market downturn and rising regulatory requirements for its closure.
Coinex is shutting down due to a challenging market environment and increasing compliance demands, despite maintaining a reserve ratio above 100%. Users must withdraw funds by December to avoid fees.
The decision reflects the difficulties faced by smaller exchanges in a volatile market, as Coinex opts for an orderly wind-down rather than selling the platform to ensure user trust is maintained.(Source)
