Cryptocurrency exchange CoinEx has announced its decision to cease all operations. The company attributed this move to a "significant" contraction observed within the broader cryptocurrency market. This difficult environment, characterized by diminished activity, was cited as the primary driver for its closure.
CoinEx further detailed that it faced a combination of falling trading volumes and reduced liquidity, which severely impacted its business. Additionally, the platform noted a consistent rise in regulatory and compliance costs. These combined factors, the company stated, had collectively exceeded what it deemed "reasonable boundaries" for continued operation. User withdrawals will be kept available until December 22.