CoinEx began an orderly wind-down of its exchange operations on September 15, saying prolonged market weakness, declining trading volume and liquidity, and rising compliance costs had driven the decision. The exchange has already restricted new customer activity, while withdrawals are set to remain available until December 22, when it plans to cease platform operations.
CoinEx starts staged wind-down and restricts new activity
CoinEx said in its official announcement that it was carrying out an orderly wind-down rather than immediately halting all services, citing a sustained crypto-market contraction, lower trading volumes and liquidity, and rising compliance expenses.
By September 15, it had stopped new registrations and rewards and placed futures markets in reduce-only mode, which prevents users from increasing exposure while allowing them to reduce or close existing positions. New orders or subscriptions were also halted for fiat, margin, lending, Earn, staking and strategic trading products, Cointelegraph reported.
September 22 and September 29 service shutdown dates
CoinEx plans a staged September closure, with non-spot services ending on September 22, according to BeInCrypto, followed by the scheduled shutdown of spot trading, CoinEx Smart Chain and OneSwap on September 29.
The end of trading and related products comes before a later withdrawal window, CoinDesk reported.
Withdrawals remain open until December 22
Customers have until December 22 to withdraw assets before CoinEx plans to end platform operations. The exchange said its asset-reserve ratio exceeds 100%, CoinDesk reported.
The December deadline is the final announced date in CoinEx's shutdown timetable. Users holding assets on the platform face a narrowing sequence of service closures before withdrawals are due to end.
