CoinEx announces a full shutdown after nine years of service, giving users until December 22 to withdraw funds as the exchange struggles with regulatory pressures and declining retail trading volumes.
Bitcoin price is down significantly from its all-time high amid a prolonged crypto winter and exchange closures.
Hong Kong-based cryptocurrency exchange CoinEx will cease all operations by December 22, citing mounting security and compliance risks. The platform, which recorded $70 million in 24-hour trading volume, joins a growing list of exchanges exiting the market during the prolonged crypto winter.
Users are required to withdraw all assets from the platform by the December 22 deadline.
Exchanges are facing a combination of declining retail spot trading volumes, increased regulatory scrutiny, and a prolonged market downturn known as the crypto winter.