Key Takeaways
- After nearly a decade in business, CoinEx is ceasing operations due to market challenges and regulatory pressures
- The platform has disabled new registrations, futures trading, and several key services effective immediately
- Customers can access their funds and complete withdrawals through December 22, 2026
- The exchange is offering a CET token buyback program at 0.005 USDT per token
- Remaining USDT balances after the deadline will transfer to third-party custody with monthly storage fees
CoinEx, currently ranked as the 33rd largest cryptocurrency exchange by trading volume, revealed plans Tuesday to wind down its platform after operating for nine years. The company attributed its closure to diminishing trade volumes, reduced market liquidity, and mounting compliance expenses.
In a statement shared on X, CEO Haipo Yang acknowledged the platform failed to achieve its ambition of becoming a top-tier industry player. He emphasized that escalating security concerns and regulatory obligations had become increasingly unmanageable.
The Factors Behind the Shutdown
CoinEx identified an extended slump in cryptocurrency markets as a primary factor, noting that trading activity and liquidity across the sector have steadily declined. Meanwhile, compliance requirements in key markets had imposed costs the business could no longer absorb.
The platform has faced regulatory scrutiny previously. In 2023, CoinEx withdrew from U.S. markets after reaching an agreement with New York’s Attorney General. Under that settlement, the exchange returned more than $1.1 million to investors in New York and paid over $600,000 in state fines. The company was permanently prohibited from conducting business in New York.
CoinEx joins several other platforms exiting the market. AscendEX terminated operations on July 1, citing inability to comply with the European Union’s Markets in Crypto-Assets Regulation and a collapsed liquidity arrangement. BitMEX announced it would close on September 23 after operating for 11 years. BitMart similarly discontinued services earlier this year.
Founded in December 2017 by cryptocurrency mining collective ViaBTC, CoinEx recorded approximately $58 million in 24-hour trading volume when the shutdown was announced.
Timeline and User Instructions
Effective Tuesday, CoinEx halted new account creations, referral programs, and reward distributions. Futures positions were switched to reduce-only status. Services including fiat transactions, margin trading, lending products, staking programs, and automated trading strategies stopped accepting new positions.
Beginning September 22, all services beyond spot trading will terminate, including blockchain deposits. Spot market trading will conclude on September 29, coinciding with the shutdown of CoinEx Smart Chain and the OneSwap decentralized platform.
Customers have until December 22 to complete withdrawals of their assets. The exchange verified that its reserve ratio stands above 100%, ensuring complete coverage of all user holdings.
USDT balances remaining on the platform beyond the December 22 cutoff will transfer to an external custody service. This custodian will assess a monthly maintenance charge equivalent to 5% of the account balance. Claims can be submitted through August 22, 2028.
The platform is also implementing a buyback initiative for all outstanding CoinEx Token holdings at 0.005 USDT each, with no volume restrictions. With CET trading near $0.00466 on Tuesday, the buyback represents a modest premium to market rates.
CoinEx Wallet and CoinEx Vault remain unaffected by the shutdown and will maintain normal operations as separate services.
In its farewell message, the exchange expressed gratitude to its community: “Thank you for your trust and support in the past nine years.”
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