Hong Kong crypto exchange CoinEx to cease operations after 9 years in business

Hong Kong crypto exchange CoinEx to cease operations after 9 years in business

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Hong Kong-based cryptocurrency exchange CoinEx said it will cease operations, citing the “increasingly difficult” conditions of running a crypto exchange.

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).

The closure reflects a trend of well-established exchanges struggling to maintain their place in the market as the industry matures and consolidates.

Bitmart and BitMEX, which had been around since 2017 and 2014, respectively, both announced their closures in July, with indications that they were casualties of a decline in spot trading volume by retail users.

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