According to ChainCatcher, CoinEx founder Haipo Yang said the exchange officially launched on Dec. 22, 2017, and will formally shut down on Dec. 22, 2026, nine years later.
Yang said nine years is a long time in the crypto industry. He said CoinEx went through multiple bull and bear cycles with its users, witnessed the rise and fall of many projects, and saw many industry peers leave the market in different ways.
After reflecting on the business, Yang said he had accepted one fact: CoinEx did not become a leading exchange in the industry. He added that the security and compliance risks tied to running a crypto exchange have become increasingly difficult to control. Revenue can decline, he said, but responsibility does not, and bearing unlimited risk under limited income is no longer a rational choice.
Yang also said CoinEx has lasted nine years in a highly volatile and demanding industry, and after weathering various storms, it can still leave in a complete and respectable manner.
On CET, CoinEx said it will repurchase the token at its initial listing price of 0.005 USDT per token, with no upper limit on the amount.
Yang said he had seriously considered selling CoinEx but ultimately decided against it. Users entrusted their assets to CoinEx based on trust in both the platform and in him personally, he said, and handing the platform and that trust to a new owner would not be the right way to end the journey. "A clean ending is the right ending," he said.
CoinEx said it will ensure that users can fully withdraw their assets, give employees a proper farewell, and provide CET holders with a clear and responsible arrangement.