Binance's CZ Comments on CoinEx Shutdown
Changpeng Zhao, founder of Binance, has commented on the recent shutdown announcement from crypto exchange CoinEx. He highlighted that unlike past collapses such as QuadrigaCX in 2019, which left $190 million inaccessible to users, current exchanges are exiting more responsibly by allowing withdrawals and maintaining asset backing above 100%. CoinEx cited a prolonged market downturn, reduced trading volumes, liquidity issues, and rising regulatory costs for its decision. The exchange plans an orderly shutdown through late December with ongoing withdrawal access and a token buyback plan. CZ emphasized that the manner of exit is now as important as the reason behind it in the crypto industry's evolution. CoinEx has assured users their assets remain secure during this transition period, marking a shift toward more transparent practices among centralized exchanges facing operational challenges.
Topics: Binance founder comments CoinEx wind-down crypto exchange shutdown