CoinEx joins a growing list of crypto exchanges shutting down, as founder Haipo Yang cites market volatility and compliance burdens for the platform's Dec. 22 closure.
CoinEx will buy back CET at its original listing price and convert remaining balances, effectively winding down the token.
CoinEx announced it will cease operations and wind down by Dec. 22, signaling a negative outlook for the exchange.
BitMEX announced it would shut down its operations after 11 years, adding to the wave of exchange closures.
BitMart followed BitMEX in winding down its nine-year run, reflecting continued stress in the crypto exchange sector.
Cryptocurrency exchange CoinEx announced an orderly wind-down of its platform, citing persistent market weakness and escalating regulatory compliance risks. The exchange will halt all services by Dec. 22, with a buyback program for its native CET token set at the original listing price of 0.005 USDT to ensure a clean exit for holders.
CoinEx maintains a reserve ratio above 100% and has instructed users to withdraw all funds before the final Dec. 22 deadline.
CEO Haipo Yang cited a combination of prolonged market weakness and the increasing difficulty of managing security and compliance risks.