Hong Kong crypto exchange CoinEx to cease operations after 9 years in business
Hong Kong-based cryptocurrency exchange CoinEx announced it will cease operations after nine years, citing the difficulty of managing security and compliance risks. Users have until December 22 to withdraw their funds as the firm joins a growing list of exchanges closing due to market consolidation.
Why it matters
The closure of CoinEx reflects broader challenges in the crypto industry, where smaller exchanges are struggling to compete with larger players amid tightening regulatory environments.
CoinEx users have until Dec. 22 to withdraw their funds , when the exchange will formally close , nine years to the day after it went live, founder and CEO Haipo Yang wrote on X Tuesday.
“CoinEx did not become one of the industry’s leading exchanges and the security and compliance risks of running a crypto exchange have become increasingly difficult to contain,” Yang said.
He added that he did consider selling CoinEx, but did not feel that would be “the right way to end this journey. A clean ending is the right ending.”
ConEx’s 24-hour trading volume sits at just over $70 million, according to CoinGecko, some way short of leading Asia-based exchanges like CoinW ($1.18 billion) and Gate ($1.6 billion).
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