Odaily Planet Daily report: Yang Haipo, founder of CoinEx, posted on X regarding the shutdown and orderly wind-down of CoinEx, stating that CoinEx’s asset reserve ratio currently exceeds 100%, with all user assets fully backed and withdrawable as normal.
Regarding the reason for the shutdown, Yang Haipo stated that CoinEx has been operating for nine years but ultimately failed to become a leading exchange in the industry, and the security and compliance risks associated with operating a cryptocurrency exchange have become increasingly difficult to manage. “Revenue can decline, but responsibility does not diminish. Taking on unlimited risk for limited revenue is no longer a rational choice.”
Yang Haipo also revealed that he had seriously considered selling CoinEx but ultimately decided against it. He stated that users entrust their assets to CoinEx based on trust in the platform—and often in him personally—making it inappropriate to transfer the platform and this trust to new owners as a way to end this journey. Additionally, CoinEx will ensure users can withdraw their full balances and will offer unlimited buybacks of CET at its initial listing price of 0.005 USDT/CET.