CoinEx to stop serving all U.S. customers

According to an email received by a user on February 24 and obtained by Crypto Slate, cryptocurrency exchange CoinEx is suspending service to users in the United States.

Here is part of that message:

We regret that due to regulatory requirements, CoinEx is no longer able to serve US citizens or residents.

CoinEx is asking US users to withdraw their assets within 60 business days (until April 24), after which it says it will “phase out associated accounts.”

The company identified US users by IP address.

Earlier this week, on February 22nd, CoinEx was indicted by the New York Attorney General’s Office. These charges were intended to force the company to cease operations only in New York. It is unclear if CoinEx faces regulation from federal agencies, but today’s decision appears to be a preemptive move to avoid such action.

Nexo similarly pulled out of the US market in December, citing regulatory concerns.

CoinEx’s trading volume seems to be affected by the news. The exchange recorded $29 million in trading volume today. 6.2% decreased in the 24-hour period from $35 million on Tuesday. His CET token on the exchange has been minimally affected, dropping 3.8% in 24 hours. It is performing slightly worse than Bitcoin, which is currently down 2.8%.

CoinEx did not respond to requests for comment by the time of publication.