Consolidation has hit the crypto exchanges, and not in a nice way.

Despite the recent rebound in digital asset prices, a year-long slump in crypto trading volumes is starting to take its toll.

After BitMex announced back in July that it was closing its doors, today nine year old exchange CoinEx announced that it is ceasing operations, in what it describes as an “orderly wind-down”. CoinEx was operated mainly from Hong Kong and Shenzhen, where its CEO Haipo Yang is based.

The company issued the following statement today about its closure.

CoinEx to Cease Operations and Begin an Orderly Wind-Down

After prudent evaluation, and in light of the prolonged downturn in the cryptocurrency market,…