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CoinEx Founder Yang Haipo Announces Orderly Shutdown With 100% Reserve Backing and CET Buyback

AI Market Summary
CoinEx's founder announced an orderly shutdown, stating reserves exceed 100% and withdrawals remain available, alongside an unlimited CET buyback at the initial listing price. While the full-backing claim reduces immediate contagion risk, the closure underscores rising security and compliance burdens for centralized exchanges, reinforcing counterparty-risk awareness and potentially pressuring near-term trading activity and sentiment across crypto venues.
Impact level
● Medium
Affected assets
BTC/USDT-0.07%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
Cryptocurrency exchange CoinEx will cease operations and execute an orderly platform wind-down after nine years of service, founder Yang Haipo announced on X, Odaily Planet Daily reported. Yang affirmed that CoinEx maintains a proof-of-reserves ratio exceeding 100%, confirming all customer balances remain fully collateralized and open for immediate, unrestricted withdrawals. Explaining the closure, Yang cited an unfavorable risk-reward profile driven by escalating global compliance burdens and cybersecurity threats against moderate commercial revenues. Rejecting potential acquisition offers to protect customer fiduciary trust, the exchange committed to providing full balance redemptions alongside an unlimited tender buyback program for its native CoinEx Token (CET) at its original issuance price of 0.005 USDT per token. The orderly exit represents an uncommon solvent dissolution within the centralized digital asset exchange sector.
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