CoinEx announced the end of its nearly nine-year exchange operation and launched an orderly shutdown process. It cited the prolonged downturn of the crypto market, shrinking trading volume and liquidity in the industry, and continuously rising regulatory and compliance costs as the main reasons. The platform will phase out contracts, wealth management, lending and spot trading, and withdrawals will be closed on December 22. Founder Haipo Yang said CoinEx’s reserve ratio exceeds 100%, all user assets are fully reserved, and the platform will repurchase CET. He also emphasized that the operation of ViaBTC remains unaffected. CoinEx previously drew attention over reports of fund flows related to Iran, but denied cooperating with sanctioned entities.