CoinEx to Shut Down After Nine Years, Citing Crypto Market Slump
CoinEx, a Hong Kong-based cryptocurrency exchange, announced it will cease operations after nine years in business, according to CoinDesk. The exchange cited falling trading volumes and liquidity along with rising regulatory and compliance costs that had exceeded “reasonable boundaries,” according to Cointelegraph.
The Block reported that CoinEx blamed a prolonged market slump, shrinking trading volume and liquidity, and increasing compliance costs for the closure. Withdrawals will remain open until Dec. 22, both Cointelegraph and The Defiant reported.
The Defiant noted that the shutdown coincides with the exchange’s ninth anniversary. Blockchain analytics platform Arkham attributes Withdrawals end Dec. 22, while Arkham attributes $422.7 million across 3.2 million addresses to CoinEx and its reserve page shows no current audit rows.
across Withdrawals end Dec. 22, while Arkham attributes $422.7 million across 3.2 million addresses to CoinEx and its reserve page shows no current audit rows.
addresses to CoinEx, according to The Defiant, which also reported that the exchange’s reserve page currently shows no audit rows.
Sources: Cointelegraph, The Block, CoinDesk, The Defiant
This article is for information only and is not financial advice.
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