CoinEx Founder: Seriously Considered Selling CoinEx, But Ultimately Chose to Shut Down the Platform and Conduct an Orderly Wind-Down

CoinEx founder Yang Haipo posted on X regarding the shutdown and orderly wind-down of CoinEx, stating that CoinEx's asset reserve ratio currently exceeds 100%, and all user assets are fully backed by sufficient reserves and can be withdrawn normally.Regarding the reasons for the shutdown, Yang Haipo stated that CoinEx had been operating for nine years but ultimately failed to become an industry-leading exchange, while the security and compliance risks of operating a crypto exchange have become increasingly difficult to control. "Revenue can decline, but responsibility will 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 entrusted their assets to CoinEx based on trust in the platform and, in many cases, in him personally, and therefore believed that handing over the platform and that trust to a new owner was not the right way to end this journey. In addition, CoinEx will ensure that users can withdraw their full balances and will buy back CET at unlimited quantities at its initial listing price of 0.005 USDT/CET.