Cryptocurrency exchange CoinEx has decided to end its operations, citing the market downturn, declining trading volumes, and rising regulatory and compliance costs. It will begin winding down its business in stages on September 15.
Starting September 15, CoinEx will suspend new registrations and referral reward payments, and futures trading will switch to “Reduce-Only” mode. New orders and registrations for services including fiat currency, margin, lending, Earn, and staking will also be suspended.
On September 22, all non-spot services and some deposit functions will be discontinued, while spot trading will be halted starting September 29. CET remaining in user accounts will be automatically purchased at a rate of 0.005 USDT per token. CoinEx Smart Chain and OneSwap will also cease operations on the same day.
Withdrawal services will remain available through December 22, after which operation of the exchange platform will end permanently. CoinEx said its asset reserve ratio exceeds 100%, allowing users to withdraw their assets in full. CoinEx Wallet and CoinEx Vault are not included in the exchange shutdown.
CoinEx was widely known as an exchange associated with Jihan Woo, the head of Bitmain.