Crypto Exchange CoinEx to Cease Operations Amid Market Downturn
CoinEx, a popular cryptocurrency exchange operating for nine years, announced it will shut down its services due to prolonged market downturns and rising compliance costs. The wind-down process begins on September 15 with the gradual withdrawal of various trading and deposit features before fully closing by December 22. The platform is halting new user registrations, referral commissions, futures markets are switching to reduce-only mode, and several other services will be discontinued in stages. CoinEx stated that deteriorating market conditions have made operations unsustainable. Withdrawals remain open until the end of December with a note advising users not to delay due to potential blockchain congestion. CoinEx assured customers their assets are fully backed by reserves above 100%, and any remaining USDT after withdrawal deadlines will be transferred into independent custody, subject to annual fees.
