Hong Kong-based CoinEx, a cryptocurrency exchange, said it will cease operations on December 22 and asked users to withdraw assets by then.

Founder and CEO Haipo Yang said security and compliance risks had become harder to contain, and he chose to close the exchange rather than sell it. Remaining balances will be handled through a post-deadline process.

CoinGecko data showed CoinEx handled a little over US$70 million in 24-hour trading volume. This trailed Gate, which handled about US$1.6 billion over the same period.

The shutdown follows CoinEx’s earlier regulatory trouble in the US. In 2023, New York authorities recovered US$17 million after saying the platform operated in the state without proper registration.

It also comes as oversight of crypto trading platforms has tightened in some markets.

In Hong Kong, the Securities and Futures Commission now maintains lists of licensed, deemed licensed, and closing-down operators. BitMEX and BitMart also announced shutdowns in July.

🔗 Source: CoinDesk