CoinEx to shut down after 9 years on falling revenue, rising compliance costs
- —Spot trading will cease on September 29, withdrawals on December 22
- —About $253.6 million remains in CoinEx wallets, including $134.4 million in BTC
- —Binance, OKX, MEXC, Bybit and Gate control 88% of trading volume
- —In 2023 CoinEx left the U.S. after a New York Attorney General lawsuit, paying $1.7 million
Why it matters: The exit of CoinEx, BitMEX and AscendEX deepens liquidity concentration on the top five exchanges and pressures smaller players.
Source: Cryptonews.net