CoinEx quits after 9 years as crypto trading activity concentrates at biggest exchanges

Crypto exchange CoinEx is shutting down after nine years, citing shrinking revenue and rising compliance costs as the reasons the exchange is no longer viable.The centralized crypto platform said Sept. 15 that it will wind down operations in stages, ending spot trading on Sept. 29 before closing withdrawals on Dec. 22. New registrations have stopped, futures markets have moved to reduce-only mode, and other products, including margin trading, loans, Earn, and staking, are being phased out.Founder Haipo Yang said CoinEx had failed to become one of the industry’s leading exchanges, leaving the company carrying security and compliance obligations that had become increasingly difficult to justify against the revenue it generated.“Revenues can decline, responsibility does not,” Yang said in a statement. “Carrying unlimited risk for limited revenue is no longer a rational choice.”CoinEx also cited a prolonged contraction in crypto trading volume and liquidity alongside rising regulatory requirements across major jurisdictions. The exchange had already surrendered access to one of those markets in 2023 after settling a case brought by New York Attorney General Letitia James.The agreement ...