CoinEx, a global cryptocurrency exchange, has officially announced that it is shutting down its services for users based in Hong Kong. The move comes as the region continues to implement a new, more stringent licensing regime for virtual asset trading platforms, overseen by the Securities and Futures Commission (SFC).

The exchange did not provide extensive details regarding the specific internal reasons for the exit, but the timing coincides with the broader industry trend of platforms re-evaluating their presence in jurisdictions with complex or evolving compliance requirements. While some major exchanges have sought to obtain licenses to operate legally within the new Hong Kong framework, others have opted to withdraw, citing the high costs of compliance or the limitations imposed on retail trading services.

CoinEx has instructed its Hong Kong-based users to withdraw their assets from the platform to avoid potential service disruptions. The exchange has not yet issued a public timeline for when all services will be fully terminated, but it has urged customers to act promptly to secure their funds. This development highlights the ongoing friction between global crypto service providers and local regulators who are attempting to balance market innovation with investor protection. As of now, the exchange remains operational in other international markets where it maintains a presence.