CoinEx to Cease Operations Amid Prolonged Crypto Market Downturn
The crypto exchange CoinEx is shutting down its operations after nine years in business, citing a prolonged market downturn and rising compliance costs. The wind-down process began on September 15, with services being phased out before the platform fully closes by December 22. CoinEx has halted new user registrations, referral commissions, and several product subscriptions while transitioning futures markets to reduce-only mode. On-chain deposits will close in stages, ending for most assets by September 22. The exchange plans to repurchase all remaining CET tokens at a fixed rate before ceasing operations of its blockchain services. CoinEx assures users that customer funds are fully backed and available for withdrawal until December 22. However, it warns against delaying withdrawals due to potential network congestion issues.
Tickers: $CET