CoinEx to Shut Down as Trading Volumes Decline
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
CoinEx, a crypto exchange launched in 2017, announced it is winding down operations after nine years due to a prolonged crypto market downturn, declining trading volumes and liquidity, and increasing regulatory and compliance costs. The platform will halt new user registrations, stop accepting new orders across most services, and progressively discontinue trading and withdrawal services before fully ceasing operations by December 22. CEO Haipo Yang acknowledged the increasing security and compliance risks as a reason for closure.
Why it matters
The source highlights CoinEx's closure as part of a broader trend of crypto exchanges ceasing operations this year due to similar challenges. This reflects ongoing difficulties in the crypto exchange sector related to market conditions and regulatory environments. The source does not explicitly discuss implications for markets or users beyond operational wind-down details.
Key context
CoinEx was launched by crypto mining pool ViaBTC in December 2017 and currently ranks 33rd by 24-hour trading volume, handling around $58 million as reported by CoinMarketCap. Its closure follows other exchange shutdowns in 2023 such as BitMart, BitMEX, and AscendEX. Unlike the exchange, CoinEx Wallet and CoinEx Vault will remain operational as they function independently.
Key numbers and entities
CoinEx; CEO Haipo Yang; ViaBTC (founder); CoinMarketCap (source of trading volume data); $58 million (24-hour trading volume); CET token buyback price of 0.005 USDT; closure milestones include September 22 (discontinuing non-spot services), September 29 (spot trading discontinued), and December 22 (end of withdrawal period and platform shutdown). Related firms mentioned: BitMart, BitMEX, AscendEX.
What remains unclear
The source does not specify user compensation details beyond the CET token buyback or how the independent custodian will operate regarding unwithdrawn USDT and associated fees. Details on the precise regulatory pressures or compliance issues faced by CoinEx are not elaborated. The impact on CoinEx's user base or broader crypto ecosystem is not discussed.