CoinEx to cease operation after 9 years, citing ‘significant’ crypto contraction

Crypto exchange CoinEx said it is winding down operations, citing a prolonged crypto market downturn, sinking trading volumes and liquidity, and rising regulatory and compliance costs, according to an announcement on Tuesday.As part of the wind-down, CoinEx will halt new user registrations, referral commissions and other rewards. Futures contracts will enter a “Reduce-Only” mode. CoinEx will also stop accepting new orders or subscriptions across its fiat, margin trading, lending, earn, staking and strategic trading services.“After much reflection, I have come to accept a hard truth. CoinEx did not become one of the industry’s leading exchanges, and the security and compliance risks of running a crypto exchange have become increasingly difficult to contain,” CoinEx CEO Haipo Yang said in a post on X. The closure adds to a wave of crypto exchanges that have ceased operations this year for similar reasons, including BitMart, BitMEX and AscendEX. From Sept. 22, CoinEx will discontinue all non-spot services and onchain deposits, with the exception of CET deposits. From Sept. 29, all spot trading services will be discontinued, and non-USDT assets will be processed. From Dec. 22, the with...