CoinEx to Wind Down Operations Amid Market Challenges
- CoinEx will halt new user registrations and referral commissions as part of its wind-down process.
- From September 22, all non-spot services will be discontinued, with the platform ceasing operations by December 22.
- The exchange’s CEO, Haipo Yang, cited increased regulatory costs and market downturns as key reasons for the closure.
- CoinEx is currently ranked 33rd in trading volume, with $58 million in the last day.
- Unwithdrawn USDT will be transferred to a custodian with a monthly custody fee starting December.
The decision to cease operations follows a broader trend of crypto exchanges shutting down due to market pressures and regulatory challenges this year. CoinEx’s closure adds to the list that includes BitMEX and AscendEX.
As CoinEx prepares for its shutdown, it emphasizes the difficulties faced in maintaining security and compliance within the current crypto landscape. The exchange plans to buy back CET tokens at their initial listing price of $0.005 USDT each before ending operations.(Source)
