CoinEx Founder Yang Haipo to Shut Down Exchange; Says User Funds Fully Backed and Withdrawals Unaffected

Odaily Planet Daily reported that CoinEx founder Yang Haipo said on X that the exchange will be shut down and wound down in an orderly manner. Yang said CoinEx's current asset reserve ratio is above 100%, with user assets fully backed and available for normal withdrawals. Explaining the decision, Yang said CoinEx has operated for nine years but did not ultimately become a top-tier exchange. He added that security and compliance risks tied to running a crypto 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," he wrote. Yang also said he had seriously considered selling CoinEx but decided against it. He argued that users place assets with CoinEx based on trust in the platform—often in him personally—and that it would be inappropriate to transfer the platform and that trust to new owners as a way to end operations. CoinEx will allow users to withdraw their full balances and will provide unlimited CET buybacks at the token's initial listing price of 0.005 USDT per CET.