CoinEx to Close Amid Unyielding Crypto Market Challenges

Hong Kong-based crypto exchange CoinEx announced its closure due to persistent crypto market downturns and increasing compliance costs. Services will cease by September 15, with withdrawals available until December 22. Founder Haipo Yang cited security and compliance challenges as key factors. The closure follows complications from U.S. sanctions related to Iranian exchange ties.

CoinEx, a cryptocurrency exchange based in Hong Kong, has revealed plans to close its doors, citing enduring difficulties in the crypto market and escalating regulatory and security costs as the reason behind this decision.

Starting September 15, CoinEx will gradually wind down its services, allowing withdrawals to continue until December 22. The exchange has grappled with low trading volumes and intensified regulatory measures, which have surpassed viable limits.

Founder Haipo Yang acknowledged the significant challenges, stating that CoinEx struggled to secure a dominant position in the industry. The situation worsened amid U.S. sanctions in June, impacting trading relations with Iranian exchanges. CoinEx ensures customers their assets remain fully backed and withdrawable.