CoinEx quits after 9 years as crypto trading activity concentrates at biggest exchanges

Crypto exchange CoinEx is winding down operations after nine years, according to CryptoSlate. The platform cited shrinking revenue, rising compliance costs, security obligations, and a prolonged contraction in crypto trading volume and liquidity. Founder Haipo Yang stated that carrying unlimited risk for limited revenue is no longer rational. CoinEx will end spot trading on Sept. 29 and close withdrawals on Dec. 22. New registrations have stopped, and futures markets have shifted to reduce-only mode. Nansen data showed about $253.6 million remaining across CoinEx-labeled wallets, with Bitcoin accounting for over half. CryptoSlate reports that CoinEx's exit highlights a broader market trend where trading activity concentrates among the largest operators. Data shows that five major platforms—Binance, OKX, MEXC, Bybit, and Gate—control nearly 88% of tracked trading volume. Binance alone captured a record 43.3% share in August, processing $1.83 trillion. Other exchanges are also facing pressures; BitMEX will terminate services on Sept. 23, and AscendEX ceased normal operations following financial and operational challenges linked to the European Union's MiCA framework.