Key Takeaways
CoinEx announced it will wind down operations after nearly nine years, citing a prolonged crypto-market downturn and rising compliance costs.
According to BlockchainReporter, cryptocurrency exchange CoinEx is winding down operations after nearly nine years due to a prolonged market downturn, shrinking trading volumes and liquidity, and rising regulatory and compliance costs. The platform announced a phased exit schedule beginning September 15, when new user registrations stopped and perpetual futures shifted to a reduce-only mode. Non-spot services, including staking and lending, will end on September 22, and all spot trading will halt on September 29. Withdrawals are scheduled to remain open until December 22, after which the platform will close entirely.
CoinEx stated that its reserve ratio exceeds 100% and that user assets are fully backed and available for withdrawal. The exchange noted that the closure is a response to market conditions rather than a security incident. Additionally, the shutdown does not affect the ViaBTC mining pool, as the two businesses operate independently. Over the past year, CoinEx has faced mounting regulatory scrutiny, including a June report regarding Iran-linked entities, which the exchange previously denied.
Source & Fact-Check Note
This report is synthesized from coverage by BlockchainReporter. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at BlockchainReporter ↗
