According to CoinMeta, Zhao Changpeng (CZ), co-founder of Binance, commented on the decision to close CoinEx, stating that its orderly closure stands in sharp contrast to some notorious collapses in the cryptocurrency sector. CoinEx pointed out that due to the decline in the crypto market, reduced industry trading volume and liquidity, increasing regulatory requirements, and rising compliance costs, the exchange will shut down after nine years of operation. The various stages of the closure will begin on September 15th and end on December 22nd. CZ emphasized that recent closures have allowed users to withdraw their assets, which is a stark difference from previous QuadrigaCX incidents. CoinEx stated that users' assets are fully protected and can be withdrawn at any time, with the asset reserve ratio exceeding 100%.