Hong Kong-based crypto exchange CoinEx will cease operations on Dec. 22, nine years to the day after it launched. Founder and CEO Haipo Yang said he considered selling the exchange instead as security and compliance risks became harder to manage.
CoinEx will close its doors on Dec. 22, and users have until that date to withdraw their funds, founder and CEO Haipo Yang wrote on X on Tuesday. The date marks nine years since the exchange first went live.
Yang said the security and compliance risks of running a crypto exchange have become increasingly difficult to contain, adding that CoinEx never became one of the industry's leading platforms. He said he considered selling the exchange instead of shutting it down.
Yang rejects a sale
Yang said a sale did not feel like the right way to end the exchange's run. According to Yang: "A clean ending is the right ending."
Volume trails larger rivals
CoinEx's 24-hour trading volume sits at just over $70 million, according to CoinGecko. That is well behind Asia-based exchange CoinW, at $1.18 billion. It also trails Gate, which sits at $1.6 billion.
Third established exchange to fold
The closure follows those of BitMart and BitMEX, which had operated since 2017 and 2014, respectively, and both announced their shutdowns in July. Those exits pointed to a decline in spot trading volume among retail users, as the industry matures and consolidates.
Source: CoinDesk
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