Hong Kong Crypto Exchange CoinEx to Shut Down After 9 Years, Orders Withdrawals by Dec. 22
Summary
- Hong Kong-based crypto exchange CoinEx said it will shut down after nine years in business.
- Users must withdraw their assets by Dec. 22.
- Yang said he decided to close the exchange because of growing difficulty in managing security and regulatory compliance risks, along with intensifying competition among exchanges.
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Hong Kong-based crypto exchange CoinEx is shutting down after nine years in business.
CoinDesk reported on Sept. 15 that CoinEx founder and Chief Executive Officer Haipo Yang wrote on X, formerly Twitter, that the exchange will cease operations on Dec. 22. Users must withdraw their assets by then.
Yang said it had become increasingly difficult to manage security and regulatory compliance risks in operating the exchange. CoinEx also considered a sale, but ultimately decided that “wrapping things up cleanly” was the right choice.
CoinGecko data show CoinEx handles about $70 million in 24-hour trading volume. CoinDesk said incumbent exchanges are finding it harder to maintain their market positions as the crypto market matures and competition intensifies.
