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- Hong Kong-based cryptocurrency exchange CoinEx said it will shut down after nine years in business.
- CoinEx said it will cease operations on Dec. 22, and users must withdraw their assets by then.
- CoinDesk said established exchanges are finding it harder to maintain their market positions as the cryptocurrency market matures and competition intensifies.
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Hong Kong-based cryptocurrency 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 in a post on X that the exchange will cease operations on Dec. 22. Users must withdraw their assets by then.
Yang said it has become increasingly difficult to manage security and regulatory compliance risks in running a cryptocurrency exchange. CoinEx also explored a sale, but ultimately decided to shut down because “wrapping things up cleanly” was the right choice.
According to CoinGecko, CoinEx records about $70 million in 24-hour trading volume. CoinDesk said established exchanges are finding it harder to maintain their market positions as the cryptocurrency market matures and competition intensifies.
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Source: en.bloomingbit.io