CoinBene Exchange Overview and Historical Services
CoinBene was an active global digital asset trading platform that, since its establishment in 2017, provided users with a variety of financial services including spot trading, fiat trading, OTC, and perpetual contracts. At its peak, the platform attracted over 3 million registered users, with a daily trading volume reaching up to $3 billion, and listed hundreds of digital assets such as Bitcoin, Ethereum, and USDT.
CoinBene's perpetual contract product was one of its core businesses, allowing users to speculate on cryptocurrency price fluctuations through leveraged trading. Perpetual contract trading charged a fixed fee, bringing considerable trading volume to the platform. Users could view historical market data and related information through platforms like CoinBene.
The Closure of Services in China
However, in response to increasingly stringent cryptocurrency regulations worldwide, CoinBene announced on September 27, 2021, that it would permanently close its services in the Greater China region (including mainland China, Hong Kong, Macau, and Taiwan). Following this announcement, the platform immediately ceased new user registrations, asset deposits, margin lending, and YuBiBao (flexible savings) functions for users in the Chinese region.
Ultimately, CoinBene completely shut down its services for Chinese users on October 26, 2021. Since that date, users in the Chinese region have been unable to log in to CoinBene's website and app, and the platform advised users to complete all asset withdrawals before then.
Invalidity of Perpetual Contract Trading Tutorials
Given that CoinBene completely ceased providing services to users in the Chinese region in 2021, all tutorials regarding perpetual contract trading on the platform, including its web version tutorials, are no longer applicable. For global readers, understanding this historical event of CoinBene helps to comprehend the operational compliance and market changes of cryptocurrency trading platforms across different jurisdictions.
