CoinEx announced its closure after nine years of operation, citing declining cryptocurrency market conditions, reduced trading volumes, growing regulatory requirements, and increasing compliance costs. Binance co-founder Changpeng Zhao praised the exchange’s handling of the shutdown, distinguishing it from notorious collapses like QuadrigaCX where users lost access to their funds. CoinEx assures that user assets are fully backed with a reserve ratio above 100% and that withdrawals remain available until December 22. The exchange outlined a phased shutdown: reduce-only mode on September 15, cessation of non-spot services on September 22, and end of spot trading on September 29. CZ emphasized that recent wind-downs allow users to recover their assets, unlike past scandals, while acknowledging that platforms can become economically unviable even when holding sufficient funds to reimburse customers.
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