CoinEx said it will cease operations and start an orderly shutdown process from Sept. 15 after what it described as a careful assessment of current business conditions. In its announcement, the exchange cited a prolonged downturn in the crypto market, a sharp contraction in industry-wide trading volume and liquidity, as well as rising regulatory requirements and compliance costs.
The company said its asset reserve ratio is currently above 100% and that user assets are fully backed. Under the shutdown schedule, CoinEx will stop all non-spot services on Sept. 22, then halt all spot trading on Sept. 29. CoinEx Smart Chain, or CSC, and OneSwap will also stop operating on the same day. Withdrawal services will remain available until Dec. 22, when the CoinEx trading platform will officially close.
CoinEx added that CoinEx Wallet and CoinEx Vault are not affected by the shutdown and will continue operating as usual.
CoinEx said it will stop operating and enter an orderly wind-down process starting Sept. 15, according to an announcement covered by Odaily.
The exchange said the decision followed a careful assessment and was driven by a prolonged downturn in the crypto market, a sharp drop in overall industry trading volume and liquidity, and continued increases in regulatory requirements and compliance costs.
Shutdown schedule
CoinEx said its current asset reserve ratio is above 100% and that user assets are fully backed by sufficient reserves.
Under the schedule, the platform will end all non-spot business on Sept. 22 and stop all spot trading on Sept. 29.
CoinEx Smart Chain (CSC) and OneSwap will also cease operations on Sept. 29. Withdrawal services will remain available until Dec. 22, when the CoinEx trading platform will formally shut down.
Services that will continue
CoinEx Wallet and CoinEx Vault are not affected by the closure and will continue to provide services as usual.
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