CoinEx founder Yang Haipo said the decision to shut down the platform came after what he described as deep consideration and the need to face a harsh reality. In a post on X on Sept. 15, he wrote that CoinEx failed to become one of the leading centralized exchanges in the industry, while the security and compliance risks tied to running a crypto CEX have become increasingly difficult to control. He said revenue may fall, but responsibility does not, adding that taking on unlimited risk for limited income is no longer a rational choice. On the platform token CET, Yang said CoinEx will repurchase the token at its initial listing price of 0.005 USDT per token, with no cap on the amount. He also disclosed that he had seriously considered selling CoinEx, but decided against it, saying users entrusted assets to the platform because they trusted CoinEx and, in many cases, trusted him personally.
CoinEx founder Yang Haipo commented on the platform's shutdown in a post on X on Sept. 15, calling it a decision made after deep consideration.
Yang said the shutdown meant accepting what he described as a harsh reality. According to him, CoinEx did not become one of the industry's leading centralized exchanges, and the security and compliance risks involved in operating a crypto CEX have become increasingly difficult to control.
He added that revenue may decline, but responsibility does not. In his view, taking on unlimited risk in exchange for limited income is no longer a rational choice.
On the CET token, Yang pledged that CoinEx will repurchase CET at its initial listing price of 0.005 USDT per token, with no upper limit on the amount bought back.
Yang also said he had seriously considered selling CoinEx but ultimately abandoned the idea. He wrote: "Users entrusted their assets to CoinEx because they trusted the platform and, in many cases, trusted me personally. I do not think handing the platform and that trust to a new owner would be the right way to end this journey. A clean ending is the right ending."
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