As Chinese cryptocurrency exchange CoinEx announced that it would cease operations and begin a phased business termination process from September 15, Binance CEO Richard Teng stated, "Exchanges will repeatedly emerge and disappear." He shared this content via X, adding, "The cryptocurrency market has already experienced several boom periods, and will face many more in the future. During this period, some exchanges will disappear voluntarily, and some will be forced to. What is important in the long term is how much the industry raises its own standards for trust and transparency, and how it treats users not only during boom times but also when everything comes to an end."
