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CoinEx Announces Closure After Nine Years of Operation
Cryptocurrency exchange CoinEx has announced its decision to cease operations after nearly nine years, citing a prolonged downturn in the cryptocurrency market. The company pointed to a significant decline in overall industry trading volume and liquidity, alongside increasing regulatory requirements and compliance costs in major jurisdictions as key factors influencing this decision.
Effective September 15, CoinEx will stop new user registrations and will limit contract trading to position reductions only. Non-spot services, including contracts, wealth management, staking, and lending, will be halted on September 22. All spot trading is set to cease on September 29, with withdrawals concluding on December 22, marking the official closure of the platform.
CoinEx was launched on December 22, 2017, and has operated in a challenging market environment, ultimately leading to its shutdown. The exchange's closure reflects broader trends in the cryptocurrency industry, where many platforms are grappling with regulatory pressures and market volatility.
Source: KLEA News