In the latest crypto update, major Hong Kong-based cryptocurrency exchange CoinEx is preparing to cease operations while still holding more than 1.03 quadrillion BabyDoge tokens in its reserves.
CoinEx, which began supporting BabyDoge on January 18, 2022, announced today that it will begin an orderly wind-down of its operations. The exchange attributed the decision to the prolonged cryptocurrency market downturn, declining trading volumes and liquidity, rising regulatory requirements, increasing compliance costs, and operational uncertainties.
CoinEx Begins Phased Wind-Down
According to the announcement, CoinEx will stop accepting new registrations and discontinue several trading services on September 15. The exchange will then terminate non-spot services on September 22 before ending spot trading on September 29.
However, users will still have access to withdrawals until December 22, 2026. CoinEx will officially cease operations on that date.
Meanwhile, the exchange assured users that their assets remain fully backed. It stated that its reserve ratio exceeds 100%, meaning users should be able to withdraw their assets during the wind-down period.
CoinEx Holds 1.03 Quadrillion BabyDoge
Despite beginning its shutdown process, CoinEx continues to hold a substantial BabyDoge reserve.
Data from Arkham shows that the exchange currently controls 1,032,514,690,463,069 (1.03 quadrillion) BabyDoge. At the time of writing, the holdings are worth$377,860, with BabyDoge’s value declining 3.16% over the past 24 hours.
Notably, CoinEx’s wind-down announcement has already triggered BabyDoge withdrawals from the exchange. Users have moved portions of their holdings to other trading platforms and private wallets, with multiple such transactions appearing in CoinEx’s portfolio history over the past hour.
As the exchange continues its phased shutdown, these withdrawals could increase as BabyDoge holders seek to move their tokens off the platform before the final withdrawal deadline.
CEO Announces CET Buyback
CoinEx CEO and founder Haipo Yang also addressed the shutdown in a separate statement. He revealed that CoinEx will buy back its CET token at its initial listing price of $0.005, with no quantity limit.
Yang further explained that he considered selling the exchange but ultimately rejected the option. According to the founder, users entrusted their assets to CoinEx based on their trust in him.
Therefore, he opted for what he described as a clean and responsible closure that gives users time to withdraw their funds, provides employees with a dignified farewell, and offers CET holders a final resolution.
CoinEx Sets December 22 Closure Date
CoinEx’s decision marks the beginning of a months-long process to permanently shut down its exchange operations. Although trading services will end before then, users can continue withdrawing their assets through December 22, 2026.
For BabyDoge holders, the exchange’s remaining 1.03 quadrillion-token reserve will remain worth watching as CoinEx progresses toward its final closure.
The CoinRemark Team
