🔥 Crypto Exchange CoinEx Is Shutting Down After Nine Years, Giving Users Until December to Cash Out.
The security and compliance risks of running a crypto exchange have become increasingly difficult to contain, Yang wrote on X, framing the closure as a deliberate exit rather than a forced one. Yang said he seriously considered selling CoinEx but decided against it. He wanted what he called a clean ending for the platform's staff, users, and CoinEx token holders, rather than handing the exchange to a new owner. The wind-down follows a fixed schedule. New account registrations and referral rewards stopped immediately, and futures trading moved into reduce-only mode. Non-spot services shut down Sept.
29, and withdrawals close for good on Dec. Holders of CoinEx's native token, which trades as CET, get a built-in off-ramp too. 29, CoinEx will buy back the token at 0.005 USDTits original listing pricewith no cap on volume, then automatically convert any remaining balances at the same rate. CoinEx said its reserve ratio sits above 100%, meaning user assets remain fully backed throughout the process. Its reported 24-hour trading volume was in the tens of millions of dollars around the time of the announcement, far below the largest global exchanges. The closure adds CoinEx to a growing list of exchanges folding this year.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
$BTC $ETH
#StablecoinLiquidity #SECryptoRegulation #AICryptoIntegration
The security and compliance risks of running a crypto exchange have become increasingly difficult to contain, Yang wrote on X, framing the closure as a deliberate exit rather than a forced one. Yang said he seriously considered selling CoinEx but decided against it. He wanted what he called a clean ending for the platform's staff, users, and CoinEx token holders, rather than handing the exchange to a new owner. The wind-down follows a fixed schedule. New account registrations and referral rewards stopped immediately, and futures trading moved into reduce-only mode. Non-spot services shut down Sept.
29, and withdrawals close for good on Dec. Holders of CoinEx's native token, which trades as CET, get a built-in off-ramp too. 29, CoinEx will buy back the token at 0.005 USDTits original listing pricewith no cap on volume, then automatically convert any remaining balances at the same rate. CoinEx said its reserve ratio sits above 100%, meaning user assets remain fully backed throughout the process. Its reported 24-hour trading volume was in the tens of millions of dollars around the time of the announcement, far below the largest global exchanges. The closure adds CoinEx to a growing list of exchanges folding this year.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
$BTC $ETH
#StablecoinLiquidity #SECryptoRegulation #AICryptoIntegration