CoinEx is a Hong Kong-based global digital coin exchange service provider. Founded in December 2017, the platform offers low fees, over-the-counter transactions, high security, and advanced trading charts. The exchange is owned and operated by Coinex Technology Limited, a U.K incorporated company and was built for both beginners and advanced users, however, as of early 2019, it did not support leverage or margin trading.
The CoinEx native token (CET) is issued on the Ethereum ERC 20 protocol and acts as a value-added service and privilege scheme. The total supply is fixed at 10 billion with CoinEx promising to buy back and burn CET using 50% of its quarterly transaction fee profit at the end of each quarter. There was no ICO or private funding leveraged in the creation of the token.
CET provides holders with discounted trading fees on the exchange, special rights during promotional campaigns, voting rights, and can potentially be used as ‘gas’ on a future planned decentralized exchange. All transaction fees on the platform are calculated and converted to CET tokens. The CET tokens are then distributed back to traders depending on the transaction volumes.
Although CoinEx does not list its founders on its site, Haipo Yang, founder of the fiat based currency exchange ViaBTC (of which CoinEx is a subsidiary), is widely reported as its founder. Yang is known as one of the earliest adopters and investors of Bitcoin and once led the research and development team at ZeusMiner, the former TOP3 Scrypt miner in the world.
In December 2018 it was rumored that Yang had been arrested and detained by the Chinese authorities after he disappeared from public view. Reports claim that he was detained for two and a half months. Additional information on the reason for his arrest, detention, and release remain undisclosed.
CoinEx guarantees client funds 100% and claims to keep client and operational funds segregated. This means client funds are always fully available for withdrawal, and they cannot be used for any other purpose, such as funding company operations. The platform implements advanced SSL protocols, cold multisig wallets, and enables two-factor authentication.Read More