CoinEx to shut down all operations.

[BIT-BENDER]

Well this is sad to see, well I have not researched to know why these Exchanges are shutting down all of their operations, although I have seen lately that some exchanges are shutting down operations in specific countries but a complete shutdown shows something more serious.
Although my real point I will like to make is that always be prepared for anything because anything can actually happen on any exchange that's why you don't leave your assets there.

[goldkingcoiner]

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.

So wait, what's the problem? Why is it shutting down and why are there four shutdowns since this year?

My only thought is that there has been many people who are trying to get away from CEX due to third-party custody of coins and hacks. They are the ones with a "hack-me target" on their huge backs.

I have always been against CEXs.

[obuoma]

Well this is sad to see, well I have not researched to know why these Exchanges are shutting down all of their operations, although I have seen lately that some exchanges are shutting down operations in specific countries but a complete shutdown shows something more serious.
Although my real point I will like to make is that always be prepared for anything because anything can actually happen on any exchange that's why you don't leave your assets there.

The major reason for CoinEx shutting down is low trading volume and as we know, they need to make profits to be able to pay their staff and continue running their operations. When such profits is not forth coming, they have no option than to shut down. Another reason too should is what they called increasing regulatory requirements. Users have until December 22nd to withdraw their money from the exchange. I think that have done better than Bitmart that did not allow their customers to withdraw their money before closing their exchange.

Important Notice on CoinEx’s Orderly Cessation of Operations
Dear CoinEx Users,

 After prudent evaluation, and in light of the prolonged downturn in the cryptocurrency market, the significant contraction in overall industry trading volume and liquidity, and the continuously rising regulatory requirements across major jurisdictions, as well as compliance costs and operational uncertainties that have exceeded reasonable boundaries, CoinEx has decided to cease operations and enter into an orderly cessation process.

[SmartCharpa]

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.

CoinEx and Bitmart shutting down no mean say Binance or Bybit go do the same. I no even think it that far whether this exchanges will do the same, but everything is possible. This is a serious warning to everyone that is using Bitmart or Coinex to withdraw their money to other exchanges before their withdrawal schedule ends to avoid any losses or later saying had I known, I would have withdraw my money, I thought it was just a rumor.

I find it strange how some exchanges will decide to shut all their operations after many years. One of these exchanges that I no go surprised even if I hear say they will shut down their operations is Bitget. In my opinion, I don’t know if people still use that exchange. Maybe some people use it for P2P. But i never use it before.

[Coyster]

My only thought is that there has been many people who are trying to get away from CEX due to third-party custody of coins and hacks.

I don't think so, over the years many centralized exchanges have been hacked and people are still storing their funds in these custodial platforms. Even when one collapses, ironically people move their funds to the next working exchange, rather than to non-custodial wallets.

These exchanges are going out of business because they cannot really compete with the bigger and more popular exchanges, leading to lesser revenue for them, and so they have to wind down.

[Sim_card]

Na wa o, e be like say exchange business no dey profitable again this one wey different exchanges just dey pack up this year. Shey, na the bear market dey affect them or them they shortage of liquidity. OP, e make sense say you bring this informate come we board to give use the notice. I no dey use this exchange but I believe say people dey hear wey dey use am and e go help them no the next move to make.

[Tetu100]

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

Make them beg them oh, this two exchange na I dey use for some times now and I dey very comfortable with them since I never really get any serious challenges while making use of them . But come to think of it, Having them shut down will be a big blow on so many people face to be honest, because I don't really know whose other one that can give me peace of mind like them.

Again, I was just thinking if it's our laws that's not that fair to their business or there is more to it that I'm missing out, or there is any other thing that might be responsible for all this recent happenings. I'm just curious because this is not encouraging at all, especially to bitcoin enthusiasts.  If this persist, is definitely going to cause panic.

[Big Dirams]

Na wa o, e be like say exchange business no dey profitable again this one wey different exchanges just dey pack up this year. Shey, na the bear market dey affect them or them they shortage of liquidity. OP, e make sense say you bring this informate come we board to give use the notice. I no dey use this exchange but I believe say people dey hear wey dey use am and e go help them no the next move to make.

It might actually seems so because few exchanges have been leaving the market and shutting down without no solid reason of why they might be shutting down. Maybe the competition is to much and they aren’t getting much attention and popularity from traders and investors and that bad for business, when no interactions and numbers of customers increasing then the best thing is to find some alternative or look for something that will attracts more customers.
I don’t use this exchange and I don’t think I’m familiar with it that much because it actually seems like this is the first time I’m coming across this exchange. A lot of exchanges are in the system with different features so the competition are much.

[promise444c5]

So wait, what's the problem? Why is it shutting down and why are there four shutdowns since this year?

I guess one of the problems is EU regulation..I mean the number kept increasing when they announced their regulations, specifically MiCA.

Hence, it’s all happening  at the same time in a Bear market which isn’t always really favorable exchanges on a normal day .. you can use coin base as an example , check how much they lost in the year 2022 bear market.

I’ve not heard of this one though, but it seems the small ones are the one getting affected the most for now.

[Cookdata]

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.

I was going through some news and then there is a lawsuit that was file against Bitmex before they closed down and 12 days later, they shutdown with a poem story acting like there was nothing but there was something behind the scenes. It was after people found out the company is in debt but they never made any announcements. Weeks later Bitmart follow and now Coinex is the same, who knows which exchange is going to be next exchange to close down.

There is this thing we are not looking at, why are they unfolding since now, they didn't unfold when we were in bull run, they were enjoying the money listing shitcoins, making money from insider trading obviously but keptnit cool until they no longer make anything again and now they want to run from the market. I don't trust this exit even if people are able to withdraw their money.

[Justbillywitt]

You have done well by bringing up this news here. If not for this post I wouldn’t have even know that this exchange was still in existence. I have known CoinEx for years, and I know them as an exchange that is not trustworthy, an exchange with questionable behaviors. I had a very terrible experience with them at a point in my crypto journey. I’m sure people has deserted them that’s why they’re shutting down. Those guys were never professional with their operations.

[Joy- maker]

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.

My sister the matter tire me oh, this coinEx way won do as BitMart do come make me come dey crack my brain if I go fit reason out weting they make all this exchanges them come dey close one by one. If na bitMart own I fit understand, hackers really do that exchange weting no nice, so e be like say them no fit recover from that incident na why them cucuma say make them close before they go enter matter wey go pass weting happen to them. Well, I dey look to see more tori about weting won make this particular coinEx won cucuma tell us bye bye.