CoinEx to shut down all operations.

[Nightwatchmare]

I have searched our lb if there is a similar thread i am about to create and i did not see any thread but if there is and i could not find it my attention can be drawn to it and i will lock this thread and post this as comment on that thread. I was surfing around facebook and i stumbled upon a news posted by Watcher.Guru, the news is about cryptocurrency exchange named CoinEx shutting down all operations.

CoinEx is the fourth cryptocurrency exchange that is shutting down all operations this year that i know, which make me to wonder if it is because of the prolonged bear market or difficulty in compliance that is forcing some exchanges to shut down all operations this year. I brought this news here for our sisters and brothers who are using CoinEx to know about this news and take a dramatic step to safeguard their assets on CoinEx.

[SatoPrincess]

We never talk about BitMart finish, another exchange don dey close down. Them really mean am this year, nobody know whether na the bear market abi na the black hat hackers way dey on a rampage nai make all of them dey close down. This exchange no too popular for Nigeria so our people no go really feel am as much.

[Odogwu-Blockchain]

Na so we go dey too con hear Binance and Bybit announcing their own shut down too, the way this thing dey go now sef, I no go surprise say these two exchange go announce their own soon

Wetin dey cause this news na compliance, from when I know exchange, their reasons of closing had always been compliance regulatory issues.

I never get time to go through the news though, I go find out more when I see the link to the news.

[Coyster]

which make me to wonder if it is because of the prolonged bear market or difficulty in compliance that is forcing some exchanges to shut down all operations this year.

It is a combination of some of these factors, but it is not limited to them alone. Another big reason is competition, even though some of these platforms shutting down may not explicitly mention it, but it is a part of it.

Many of these exchanges have found it impossible to compete with the more popular exchanges, like Binance and Coinbase for example, and as a result of that their revenue has taken a huge hit, forcing them to close, before they become insolvent.

[ZeroVinsonN]

We never talk about BitMart finish, another exchange don dey close down. Them really mean am this year, nobody know whether na the bear market abi na the black hat hackers way dey on a rampage nai make all of them dey close down. This exchange no too popular for Nigeria so our people no go really feel am as much.

Omor eh, abi them no dey make enough? Because though I don't know much about CoinEx I am quite sure I didn't hear anything about them getting hacked recently unless I missed the news and crypto related hacks are never kept hush hush. For me I go just talk say them been no dey make enough money for them to still continue to dey operate, companies dey shut down due to bankruptcy so e dey very possible say na similar thing do this exchange like this.

[Charles-Tim]

CoinEx is the fourth cryptocurrency exchange that is shutting down all operations this year that i know, which make me to wonder if it is because of the prolonged bear market or difficulty in compliance that is forcing some exchanges to shut down all operations this year. I brought this news here for our sisters and brothers who are using CoinEx to know about this news and take a dramatic step to safeguard their assets on CoinEx.

I guess regulatory compliance is the main reason. It is worth mentioning that the exchangesnclosed down not just in 2026, but they closed down few week or months after the exchanges failed to obtain MiCA licence before and after the deadline.

About this exchange, it is commonly used by Iran, the exchange stopped providing service to people living in Iran, but I do not think this supposed to affect the exchange.

During bear market, people do not trade like during bull market.

Crypto Exchange That Was Hub for Illicit Iran Cash Closes Suddenly

CoinEx said the prolonged crypto market downturn, declining trading volume/liquidity, and increasing regulatory/compliance costs is the reason for the shutdown.

People in United States are one of CoinEX users that use the exchange most after Russia. United States stopped their users to continue using CoinEx.

[osasshem]

Waytin de really cause this matter of exchanges shutting down, abi something de way na only them de see or na the rate of hack increase na de make them shutdown to avoid becoming a victim? Because, if them face any hack at all, court charges somehow somewhere in the future go de wait for them. But seriously if all these exchange continue like this, e go bad well well oh.

[Nightwatchmare]

We never talk about BitMart finish, another exchange don dey close down. Them really mean am this year, nobody know whether na the bear market abi na the black hat hackers way dey on a rampage nai make all of them dey close down. This exchange no too popular for Nigeria so our people no go really feel am as much.

The way exchange just they shut down their operations this year is surprising, and if people way the always keep their assets for exchange no change their pattern and start to keep their assets for self- custodial wallet them fit wake up one morning see say the exchange where they keep their assets done close down and they no fit withdraw their assets. Me i believe say na either the prolonged bear market or difficulty in compliance nai make CoinEx to shut down all operations. I know say na Nigerians no go too use CoinEx, but e they important say i bring this news come our lb for some persons know say e no really good to keep assets for exchange.

[obuoma]

It seems that some of these exchanges are running out of business due to issues such as the failure of so many altcoins and the increasing awareness of people on self custody. If this is true, then it is highly expected because what makes them remain operational is people listing tokens in their platform. In a situation where most of the tokens that should listed in exchanges turn out as shitcoins or scam, people will naturally avoid becoming victims. I have not used some of these exchanges before, I do not even see a need for them.

[PostQuantumBTC]

Waytin de really cause this matter of exchanges shutting down, abi something de way na only them de see or na the rate of hack increase na de make them shutdown to avoid becoming a victim? Because, if them face any hack at all, court charges somehow somewhere in the future go de wait for them. But seriously if all these exchange continue like this, e go bad well well oh.

What you posted will only let people know that you have not been reading what people are posting. There have many reasons that have been posted above that caused the trading volume on CoinEX to be falling to the point they see no reason to continue operating the exchange.

[Princess Leah]

We never talk about BitMart finish, another exchange don dey close down. Them really mean am this year, nobody know whether na the bear market abi na the black hat hackers way dey on a rampage nai make all of them dey close down. This exchange no too popular for Nigeria so our people no go really feel am as much.

Likeee what's going on, why are they shutting down, this is the third or fourth I've heard is shutting down in space of three months now. Those who still choose to store their coins in exchanges should rethink cause they never can tell which would be next, the one you think is the best might end up disappointing.

 If it's an exchange like Bitget or Bybit, many Nigerians would've been complaining cause those are the ones i know our people patronize mostly. This is another eye opener that exchanges can't be trusted long term holding purpose.

[Karl_3000]

Likeee what's going on, why are they shutting down, this is the third or fourth I've heard is shutting down in space of three months now.

It is better you are not reading only the posts of those that are using pidgin to post only like SatoPrincess, most of them are posting nonsense in a way you may not get valuable information from them. If you have read what other people like Coyster and Charles-Tim had posted, you will not ask the question.

[Salahmu]

We never talk about BitMart finish, another exchange don dey close down. Them really mean am this year, nobody know whether na the bear market abi na the black hat hackers way dey on a rampage nai make all of them dey close down. This exchange no too popular for Nigeria so our people no go really feel am as much.

Yeah from our region CoinEx is not a popular exchange so there effect of shutting down may actually not going to affect a lot of persons like the way Bitmart did because when there shutting down news came a lot of people struggled because of the funds they have there but however I'm still doubting the reason of this CoinEx shutting down to be cause by the bear market because I no say e get season way been red pass this one way we they so, so na something way know supposed force exchange way been they since come they comot for market, so actually is unfortunately the business couldn't favour them.

[Karl_3000]

We never talk about BitMart finish, another exchange don dey close down. Them really mean am this year, nobody know whether na the bear market abi na the black hat hackers way dey on a rampage nai make all of them dey close down. This exchange no too popular for Nigeria so our people no go really feel am as much.

Yeah from our region CoinEx is not a popular exchange so there effect of shutting down may actually not going to affect a lot of persons like the way Bitmart did because when there shutting down news came a lot of people struggled because of the funds they have there but however I'm still doubting the reason of this CoinEx shutting down to be cause by the bear market because I no say e get season way been red pass this one way we they so, so na something way know supposed force exchange way been they since come they comot for market, so actually is unfortunately the business couldn't favour them.

Nigeria is among the first 15 users of CoinEx when talking about countries despite that it is not popular to many of you people in Nigeria.

CoinEx even has p2p for naira.
https://www.coinex.com/en/announcements/detail/32473820327316?utm_source=chatgpt.com

What I noticed among most of you people on this forum is that you prefer to stay on one p2p exchange bhe exchange is used by Nigerians.

The bear market is among the reasons because it cause lower trading volume and lesser profit for the exchange but the cause of the shut down is more than that. It started since when the exchange began to have issue with US and it can be part of the reasons the exchange was unable to have mica license.

[Cryptomultiplier]

We never talk about BitMart finish, another exchange don dey close down. Them really mean am this year, nobody know whether na the bear market abi na the black hat hackers way dey on a rampage nai make all of them dey close down. This exchange no too popular for Nigeria so our people no go really feel am as much.

Yeah from our region CoinEx is not a popular exchange so there effect of shutting down may actually not going to affect a lot of persons like the way Bitmart did because when there shutting down news came a lot of people struggled because of the funds they have there but however I'm still doubting the reason of this CoinEx shutting down to be cause by the bear market because I no say e get season way been red pass this one way we they so, so na something way know supposed force exchange way been they since come they comot for market, so actually is unfortunately the business couldn't favour them.

Nigeria is among the first 15 users of CoinEx when talking about countries despite that it is not popular to many of you people in Nigeria.

CoinEx even has p2p for naira.
https://www.coinex.com/en/announcements/detail/32473820327316?utm_source=chatgpt.com

What I noticed among most of you people on this forum is that you prefer to stay on one p2p exchange bhe exchange is used by Nigerians.

The bear market is among the reasons because it cause lower trading volume and lesser profit for the exchange but the cause of the shut down is more than that. It started since when the exchange began to have issue with US and it can be part of the reasons the exchange was unable to have mica license.

When I hear or see such news flying around about some CEX shutting down, it makes me wonder why Binance still stands strong despite all its issues and recent messages from them warning about receiving or depositing in some forbidden platforms currently.

The issue I see here is that while Binance controls roughly 40% of the world's crypto trading, these other CEX like BitMart, CoinEx, are only managing to survive because it does not have as much deep cash reserves, fast systems, and massive scale as Binance exchange does.
We should as users investigate the structural setup of any CEX we intend to or are currently using to avoid falling victims to such CEX with unstable structures.

[Antidote47k]

This doesn’t appear to be an insolvency story cause they say their reserves are above 100% with user assets fully backed and available for withdrawal. The reason they are giving for shutting down is mainly lower trading volume and liquidity amongst others which drew my attention to another point, exchange risk isn’t only about getting hacked or insolvency, they can have the funds to pay their users and still decide that continuing the business is no longer worthwhile.

The lesson for users is not just “don't trust exchanges,” but it's also a lesson in the need to take precautions. It's possible for even a solvent exchange to drop off the available services list, leaving you with a withdrawal deadline and any wind-down restrictions.
I would rather not wait till the last minute to withdraw if I had money there, but CoinEx is giving users until Dec. 22 for the withdrawal.

[Mayor of ogba]

Waytin de really cause this matter of exchanges shutting down, abi something de way na only them de see or na the rate of hack increase na de make them shutdown to avoid becoming a victim? Because, if them face any hack at all, court charges somehow somewhere in the future go de wait for them. But seriously if all these exchange continue like this, e go bad well well oh.

The factors that can possibly cause an exchange to shut down is mismanagement of funds, compliance, multiple hack, low in trading volume. But in the case of CoinEx shutting down, with what I red from Charles-Tim's comment it's clear that the prolonged market downrun, declining trading volume/liquidity, and increasing cost of compliance is the causes for the shut down. Since United State is the second country that mostly use CoinEx I believe the conflict between United State and Iran could be one of reasons why CoinEx to shut down.

[Wiwo]

Some of this exchange are very unpopular to.me and the only time I noticed them is when such announcements like this is being made about them, any ways I mostly concentrate on terms and exchange that offer p2p services and not just every cex exchange that exiting marketplace.

[Karl_3000]

Some of this exchange are very unpopular to.me and the only time I noticed them is when such announcements like this is being made about them, any ways I mostly concentrate on terms and exchange that offer p2p services and not just every cex exchange that exiting marketplace.

I have posted it on my last post that the exchange is offering p2p for naira people. I also gave a link for one of their promotions or marketing for naira p2p as an evidence.

If you use more exchanges you will see that Nigerians are everywhere than you think. Nigerians are in all these exchanges doing p2p.

Those that use p2p to make money will understand what I am saying. I think many of you on this forum use p2p not for profit but to exchange the coins you make on this forum.

[Obim34]

Some of this exchange are very unpopular to.me and the only time I noticed them is when such announcements like this is being made about them, any ways I mostly concentrate on terms and exchange that offer p2p services and not just every cex exchange that exiting marketplace.

I think we need a compiled list of active exchanges offering P2P in NGN.

I did not know about this exchange, if they offered P2P, I'm sure more exchanges are not popular but offer P2P.

Reasons why I would keep using popular centralized exchanges, if not for the forum and this topic, I would miss out on this information, so would others who are not in the forum and are already planning on using the exchange or have their funds inside.

I hope they make the process easy for smooth withdrawals and close down deposits, without stressing customers as BitMart did.